Central Bank of Nigeria guarantees sufficient cash supply with N3.4trn in circulation

Nigerians are aware that there are enough Naira notes in circulation to cover their needs financially, according to the Central Bank of Nigeria, or CBN.

In a statement on Wednesday, Hakama Ali, the CBN’s acting director of corporate communications, gave the guarantee.

Bank customers nationwide have complained about a persistent lack of Naira notes, according to the News Agency of Nigeria.

Read Also: New ICPC and FCSC chairmen inaugurated by President Tinubu

According to Mrs. Ali, the amount of Naira notes in circulation rose from N1.4 trillion in February to one trillion Naira in December.

She interprets this as proof that there is enough money in circulation, but that it is in the hands of people who are fearful because of their past experiences.

According to her, the nation’s top bank is taking action in response to reports of cash shortages in a few key cities.

She explained the matter by saying that some people hoarded Naira as a result of difficulties encountered during the Naira redesign project.

She stated that the CBN was keeping an eye on the matter and that enough cash had been released to its branches nationwide so that Deposit Money Banks, or DMBs, could receive it.

“The CBN has enough cash on hand to cover Nigerians’ daily transaction demands.

She stated, “We ask Nigerians to exercise patience as the CBN takes the necessary steps to guarantee cash availability, especially during the holiday season and beyond.”

In order to lessen the need on the use of physical cash, she asked Nigerians to adopt e-channels as an alternative to traditional Naira banknotes for their everyday transactions.