The Central Bank of Nigeria on Thursday debunked rumours of naira scarcity in the country, amid reports that there is no sufficient cash circulation in some commercial banks nationwide.
CBN in a statement by its spokesman, ISA ABDULMUMIN urged Nigerians to avoid panic withdrawal,adding that there is sufficient stock of currency notes for economic activities in the country.
ABDULMUMIN, assured of the apex bank’s commitment to ensure the seamless circulation of cash nationwide.
CBN also advised the Nigerians to embrace alternative modes of payment, which it noted would reduce pressure on using physical cash.
From late last year to early this year, the country suffered a cash crunch owing to the introduction of a cash redesign policy.