Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Nigeria's central bank assures ample naira supply amid withdrawal surge

EditorPollock Mondal
Published 12/11/2023, 01:25 AM
© Reuters.

The Central Bank of Nigeria (CBN) has stepped forward to address the concerns over the reported shortages of naira notes in the country, ascribing the situation to heightened withdrawals by Deposit Money Banks (DMBs) and customer panic. The bank's Corporate Communications Department and CBN Governor Olayemi Michael Cardoso emphasized that there is no shortage in actual currency supply and assured that measures are in place to ensure sufficient cash flow for necessary economic activities.

The bank's announcement comes as a response to the increased rate of significant cash withdrawals by financial institutions. The CBN is actively managing the circulation of cash and has called on the public to refrain from panic withdrawals. It also advocates for the use of alternative payment methods to reduce dependence on physical cash throughout Nigeria.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.