CBN Assures Adequate Supply of the Naira Notes
Central Bank of Nigeria (CBN) has assured that there is an adequate supply of the naira notes, amidst complaints by some Nigerians about the scarcity of the currency.
CBN gave assurance against complaints by some bank customers on the scarcity of naira notes at the Counters, Automated Teller Machines (ATMS), Points of Sale (POS), and Bureaux De Change (BDCS).
The apex bank’s corporate communications department said that the seeming currency scarcity was occasioned by large volume withdrawals of cash from various CBN branches by banks.
It said that panic withdrawals by bank customers were also partly responsible for the seeming scarcity.
Some officials of Deposit Money Banks (DMBS) also claimed that the DMBS were not getting an adequate supply of cash from the CBN.
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The CBN advised members of the public to guard against panic withdrawals as there was sufficient stock to facilitate economic activities.
It also advised Nigerians to embrace alternative modes of payment, which would reduce pressure on using physical cash.
Meanwhile, the CBN also warned Nigerians to beware of fake Naira banknotes in circulation.
Its Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, gave the warning in a statement.
Sidi-Ali said that the counterfeit Naira notes were mainly used for transactions in food markets and other commercial centers across major cities in the country.
he said that any person found complicit in the circulation of the counterfeit currency notes would face severe sanctions.
The director said that the law provided punishment by a term of imprisonment of not less than five years, for any person found culpable of counterfeiting Naira notes or any other legal tender in Nigeria.
The attention of the CBN has been drawn to the circulation of counterfeit banknotes, especially higher denominations by some individuals.
The CBN is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, and arrest and prosecute counterfeiters.
