CBN Makes SHOCKING REVELATION! ! Reveals Those Who Are Hoarding Bank Notes And Creating Scarcity- See Details
Abuja, Nigeria, December 14, 2023 (FGN News)- In a bombshell revelation, the Central Bank of Nigeria (CBN) has identified the culprits behind the recent cash scarcity woes plaguing major cities across the country: individuals hoarding large amounts of banknotes. This startling admission throws light on the baffling discrepancies between CBN’ s cash distribution efforts and the lived reality of Nigerians struggling to access physical currency.
While acknowledging the reported difficulties, the CBN, through its Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, assured Nigerians that they are actively addressing the problem. She highlighted that the Bank diligently monitors the situation and maintains sufficient cash reserves for distribution to Deposit Money Banks (DMBs) nationwide.
However, a crucial detail emerged when Mrs. Ali addressed the issue of hoarding. Currency in circulation has skyrocketed from N1 trillion in February 2023 to over N3. 4 trillion just two days ago. This staggering increase suggests that the cash isn’ t circulating as intended, but rather, accumulating in the hands of individuals driven by past experiences and lingering apprehensions.
Empathizing with Nigerians’ frustrations, Mrs. Ali reiterated that the CBN possesses enough cash to meet daily transaction needs. She urged patience as the Bank implements measures to guarantee cash availability, particularly during the upcoming festive season.
