It stated that panic withdrawals by bank customers were also partly responsible for the seeming scarcity.
This was contained in a statement by the Corporate Communications Department of the CBN.
The explanation comes amidst complaints by some bank customers over the scarcity of naira notes at the counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs).
However, the CBN said there is no shortage of naira notes, assuring that there is adequate supply of the currency in the economy.
“The attention of the CBN has been drawn to reports of alleged scarcity of cash at banks, ATMs, PoS and BDCs in some major cities across the country.
“Our findings reveal that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by DMBs and panic withdrawals by customers from the ATMs.
“While we note the concerns of Nigerians on the availability of cash for financial transactions, we wish to assure the public that there is sufficient stock of currency notes for economic activities in the country.
“The branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation,” the banking sector regulator said.
