The Central Bank of Nigeria (CBN) yesterday said it has enough cash-in-circulation to meet the transaction needs of Nigerians.
In a statement, CBN Director, Corporate Communications, Isa AbdulMumin said denied reports on alleged scarcity of cash at banks, automated teller machines (ATMs), Points of Sale and among Bureaux de Change (BDCs) in some major cities across the country.
He said: “Our findings reveal that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from the ATMs.”