The Central bank of Nigeria, (CBN) has assured Nigerians that it has enough cash in Circulation.

The PUNCH reports that this assurance is coming amid cash scarcity being experienced in some parts of the country. CBN had earlier attributed the scarcity to the hoarding of Naira noted by some persons due to challenges experienced during the Naira redesign project. Mrs Hakama Ali in charge of Corporate Communications gave the latest assurance in a chat with news men in Abuja on Wednesday. She disclosed that CBN is monitoring the situation and had released sufficient cash to its branches across the country for inward distribution to deposit money banks. She said that the Apex bank has adequate cash to meet the day to day transaction needs of Nigerians while appealing to Nigerians to be patient while the Apex bank does the needful to ensure availability of cash, particularly during the yuletide and beyond.

She added that in February 2023, 1 trillion was in circulation while the figure has risen to 3.4trillion as at December 11, 2023 which indicated that there is sufficient cash in circulation. The notes she said are in the the hands of individuals who are apprehensive due to their previous experiences.

She urged Nigerians to continue to accept all Naira banknotes for daily transactions and embrace the alternative modes of payment. e-channels to reduce pressure on the use of physical cash.

SOURCE: PUNCH