{"id":131015,"date":"2023-12-14T10:32:52","date_gmt":"2023-12-14T10:32:52","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/12\/14\/panic-withdrawals-hoarding-causing-naira-scarcity-despite-n3-4-trillion-in-circulation-cbn\/"},"modified":"2023-12-14T10:32:52","modified_gmt":"2023-12-14T10:32:52","slug":"panic-withdrawals-hoarding-causing-naira-scarcity-despite-n3-4-trillion-in-circulation-cbn","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/12\/14\/panic-withdrawals-hoarding-causing-naira-scarcity-despite-n3-4-trillion-in-circulation-cbn\/","title":{"rendered":"Panic Withdrawals, Hoarding Causing Naira Scarcity Despite N3.4 Trillion In Circulation \u2014 CBN"},"content":{"rendered":"<p><\/p>\n<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-885290\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/12\/Screenshot_20230708-002123_Opera-Mini.jpg\" alt=\"Central Bank of Nigeria\" width=\"1080\" height=\"769\"  \/><\/p>\n<p>The Central Bank of Nigeria (CBN) says that the current situation of naira scarcity is as a result of hoarding of the currency by some individuals.<\/p>\n<p>Information Nigeria understands that there has been reported cases of cash scarcity in some parts of the country.<\/p>\n<p>Sidi Ali, the apex bank\u2019s acting Director, Corporate Communications, said the CBN had released sufficient cash to its branches across the country for distribution to Deposit Money Banks (DMBs).<\/p>\n<p>According to her, as of March 2023, the currency in circulation amounted to N1 trillion.<\/p>\n<p>\u201cOn the issue of cash not being sufficient, there is enough cash. CBN issued enough cash to the deposit money banks (DMBs).<\/p>\n<p>\u201cBut the figure has risen now because of the situation. We have pushed cash into circulation; we have given cash. As it is now, as at December 11, the currency in circulation is N3.4 trillion,\u201d she said.<\/p>\n<p><strong>READ ALSO: \u201cNo Party In Nigeria Has Vision And Values, Everyone Is After Money\u201d \u2013 APC Chieftain<\/strong><\/p>\n<p>\u201cSo, you see, there is cash out there. And CBN is really giving to banks, except that most of this cash is in the hands of individuals. All these panic withdrawals, hoarding is ongoing.<\/p>\n<p>\u201cThat is why we are doing sensitisation, letting the public have confidence that this December 31 issue is no more. Let them bring out this cash so that they can do transactions. They can go to the banks, and the banks will deposit with the CBN,\u201d she told Cable.<\/p>\n<p>Ali said Nigerians should exercise patience as CBN takes necessary steps to guarantee cash availability, especially throughout the holiday season and beyond.<\/p>\n<p>The bank also cautioned citizens against panic withdrawals, saying there is sufficient stock of currency notes for transactions in the country.<\/p>\n<div class=\"code-block code-block-7\" style=\"margin: 8px auto; text-align: center; display: block; clear: both;\">\n<div data-advadstrackid=\"890536\" data-advadstrackbid=\"1\" class=\"infor-target\" id=\"infor-99316197\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/12\/300x250b.gif\" alt=\"\" width=\"300\" height=\"250\"\/><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) says that the current situation of naira scarcity is as a result of hoarding of the currency by some individuals. Information Nigeria understands that there has been reported cases of cash scarcity in some parts of the country. Sidi Ali, the apex bank\u2019s acting Director, Corporate Communications, said the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":129079,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-131015","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Panic Withdrawals, Hoarding Causing Naira Scarcity Despite N3.4 Trillion In Circulation \u2014 CBN - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/12\/14\/panic-withdrawals-hoarding-causing-naira-scarcity-despite-n3-4-trillion-in-circulation-cbn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Panic Withdrawals, Hoarding Causing Naira Scarcity Despite N3.4 Trillion In Circulation \u2014 CBN - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) says that the current situation of naira scarcity is as a result of hoarding of the currency by some individuals. 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