A statement on Wednesday signed by CBN’s Acting Director of Corporate Communications, Mrs Hakama Ali, revealed that naira notes in circulation had increased from N1 trillion in February to N3.4 trillion in December.
Following reports across the country, the Central Bank of Nigeria says there are enough naira notes in circulation to meet cash needs.
A statement on Wednesday signed by CBN’s Acting Director of Corporate Communications, Mrs Hakama Ali, revealed that naira notes in circulation had increased from N1 trillion in February to N3.4 trillion in December.
According to the statement, this indicates that there is sufficient cash in circulation.
The apex bank, however, blamed the scarcity on the hoarding of naira notes by some persons due to the challenges they faced during the naira redesign policy of the previous administration of Muhammadu Buhari.
According to Ali, the CBN is monitoring the situation and has released sufficient cash to its branches nationwide for onward distribution to Deposit Money Banks.
The statement reads, “The CBN has adequate cash to meet the day-to-day transaction needs of Nigerians. We appeal to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the Yuletide and beyond.”
The apex bank also encouraged the public to continue to embrace alternative modes of payment, especially e-channels, to reduce the pressure on cash.
Leave a Reply