According to a statement from the Corporate Communications Department of the bank, there is an ample supply of banknotes, ensuring sufficient availability for economic activities in the country. 

The Nigerian Tribune reported that the Central Bank of Nigeria (CBN) attributes the scarcity to significant cash withdrawals by commercial banks nationwide. The CBN further indicates that panic withdrawals by bank customers have contributed to the shortage, as stated in their announcement: 

“The attention of the CBN has been drawn to reports of alleged scarcity of cash at banks, ATMs, PoS, and BDCs in some major cities across the country.

“Our findings reveal that the seeming cash scarcity in some locations is mainly due to high volume withdrawals from the CBN branches by DMBs and panic withdrawals by customers from the ATMs.

“While we note the concerns of Nigerians on the availability of cash for financial transactions, we wish to assure the public that there is sufficient stock of currency notes for economic activities in the country. 

“The branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation,” it said. 

The CBN is urging Nigerians to consider alternative payment solutions and refrain from panic withdrawals, emphasizing that there is an adequate supply of cash to support economic activities. The bank encourages the adoption of alternative payment methods to alleviate pressure on various transaction points. 

This recommendation comes as Point of Sale (PoS) operators resort to purchasing cash from traders and petrol station attendants due to banks facing shortages. Additionally, commercial banks have implemented withdrawal limits at various ATM locations throughout Nigeria.