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Naira in Circulations Rises to NN3.4Tr as CBN Assures of Adequate Cash Supply

By
Prnigeria
-
December 13, 2023
CBN
CBN

Naira in Circulations Rises to NN3.4Tr as CBN Assures of Adequate Cash Supply

The Central Bank of Nigeria (CBN) has again assured members of the public that it is addressing the reported cases of cash scarcity in some major cities across the country.

It attributed the current situation to the hoarding of the Naira by some persons due to challenges experienced during the Naira redesign project.

The Bank’s Acting Director in charge of Corporate Communications, Mrs. Hakama Sidi Ali gave the latest assurance in a chat with newsmen in Abuja, on Wednesday, December 13, 2023, disclosing 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).

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Giving further clarification on the cases of hoarding, Sidi Ali explained that currency in circulation as of February 2023, was N1 trillion, while that figure had risen to over N3.4 Trillion as of December 11, 2023. This, according to her indicated that there was sufficient cash in circulation, 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. 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.

By PRNigeria

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CRUSHING BLOW: other Top Boko Haram commanders neutralized in Bita, WigoPolice Command Moves to Address Protest Concerns in AnambraPHOTOS: Finally, President Tinubu Confirms Pedro as NTA DG, Announces Three Female Executive DirectorsNigerian Military Refutes Misinterpretation of CDS Self-Defence CommentCDS, Katsina Lawmakers Strategize to Tackle BanditryFG, States, LGs Share N2.001trn for July, Says FAACLagos Police Intercept Vehicle Loaded with CannabisFG Unveils Personal Income Tax Calculator Under New Reform LawsACF Decries Worsening Insecurity in the NorthNavy Hands Over Seized Smuggled Rice, Cannabis to Customs, NDLEA, Rescues Trafficking VictimsPolice Creates 2 New Area Commands, Upgrades 5 Divisions in Benue to Boost SecurityAnambra Police Nab Suspected Vandals, Recover Transformer Parts, High-Tension CablesTinubu Jets to Brazil After Japan Summit, Eyes Trade, Security DealsTroops Eliminate 2 Top ISWAP Commanders, Others in BornoSaudi Arabia Conducts Life-Saving Cardiac Surgeries in Kano
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