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…. Insist N2.99trn in circulation
From Uche Usim, Abuja
The Central Bank of Nigeria (CBN) is set to deal with recalcitrant banks who are hoarding cash for wealthy Nigerians during the Yuletide at the detriment of the economy.
Sources told Daily Sun that the resurfaced naira scarcity in some parts of the country was currently being investigated and addressed by the apex bank because there is close to N3 trillion in circulation and as such, there is no justifiable reason for naira confiscation by banks or depositors.
Daily Sun gathered that some banks and their customers, haunted by the ghost of the 2022 naira redesign policy horror, have stubbornly been stockpiling cash in preparation for the December 31 sunset date for the old naira notes, even when the apex bank and the Supreme Court have declared that all notes remain legal tender ad infinitum.
“The CBN is addressing the cash scarcity issue and it is going to sanction erring banks hoarding cash for their influential customers for the yuletide if caught. We won’t let that happen because it is upsetting the economy. There is sufficient cash in circulation. There is absolutely no reason for the scarcity of cash and we shall deal with it”, a source said.
Before now, the CBN in a statement said that the seeming cash scarcity in some locations was due largely to high volume withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from the Automated Teller Machines, 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,” it said.
