People Are Hoarding Banknotes — CBN Confirms

The Central Bank of Nigeria (CBN) has attributed the reported cases of cash scarcity in some major cities across the country to the hoarding of bank notes by some persons it didn’t identify.

But the apex bank, however, assured that it is addressing the problem.

The Bank’s Acting Director in charge of Corporate Communications, Mrs. Hakama Sidi Ali, in a chat with newsmen in Abuja yesterday said that the CBN was monitoring the situation and had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs).

Giving further clarification on the cases of hoarding, she explained that currency in circulation as of February 2023, was N1 trillion, while that figure had risen to over N3.4 Trillion as at two days ago.

This, according to her, indicated that there was sufficient cash supply from CBN, except that the cash was in the hands of individuals who were apprehensive due to their previous experiences.

She empathised with Nigerians, over their previous and current experiences, but insisted that the CBN had adequate cash to meet the day-to-day transaction needs of Nigerians.

The Ag. Director, therefore, appealed to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the yuletide and beyond.

While also urging Nigerians to continue to accept all Naira banknotes for their daily transactions, Sidi Ali reiterated the Bank’s earlier call to the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash.