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CBN Advises Nigerians Against Panic Withdrawals, Says it has Sufficient Stock of Currency Notes 

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The Central Bank of Nigeria CBN has assured Nigerians that it has sufficient stock of currency notes for economic activities in the country.

CBN Director, Corporate Communications, Dr. Isa Adulmumin gave the assurance in a statement, in reaction to reports of alleged scarcity of cash at banks, automated teller machines (ATMs), Points of Sale and among Bureau de Change (BOCs) in some major cities across the country.

The apex bank said it’s findings revealed that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by Customers from the ATMs

Dr. Adulmumin urged members of the public to guard against panic withdrawals, noting that there is sufficient stock to facilitate economic activities.

He disclosed that the branches of CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation.

The Bank also advised Nigerians to embrace alternative modes of payment, which it stated would reduce pressure on using physical cash.

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