The Central Bank of Nigeria (CBN) says over N3 trillion is currently in circulation, assuring Nigerians of adequate cash to meet their needs.
The Bank’s acting Director in charge of Corporate Communications, Mrs. Hakama Sidi Ali, stated this to newsmen in Abuja during a chat about the shortage of cash in major cities across the country.
Mrs Sidi Ali who attributed the current situation to the hoarding of the Naira by some people due to challenges experienced during the Naira redesign project, maintained that the situation was being monitored.
According to her, sufficient cash has been released to its branches across the country for onward distribution to deposit money banks (DMBs).
Sidi Ali went on to clarify that the currency in circulation in February 2023 was N1 trillion, and that figure had risen to over N3.4 trillion by December 11, 2023.
”This is an indication that there is sufficient cash in circulation, except that the cash was in the hands of individuals who were apprehensive due to their previous experiences,” she said.
She, 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.