The Central Bank of Nigeria (CBN) assures that there is sufficient liquidity in circulation in the country, despite recurring complaints of shortage of naira notes made by bank customers. According to Ms Hakama Ali, Acting Director of Corporate Communications of the CBN, the total amount of naira notes in circulation increased from N1 trillion in February to N3.4 trillion in December.
Ms Ali explains that this increase in the amount of banknotes in circulation demonstrates that there is enough liquidity in the country, but that people are holding on to it excessively due to their past experiences. Indeed, during the naira renovation process, many people encountered difficulties in exchanging their old notes for the new ones.
The CBN says it is monitoring the situation closely and has already distributed enough liquidity to its branches across the country for redistribution to commercial banks. The central bank is also urging Nigerians to exercise patience, assuring them that it is taking necessary steps to ensure liquidity is available, especially during the festive season and beyond.
It is important to note that this situation of liquidity shortage is not without consequences on the country’s economy. It can hamper the daily transactions of Nigerians, slow down business activities and raise concerns about financial stability. Therefore, it is essential that the CBN takes appropriate measures to remedy this situation and reassures the people of the availability of liquidity.
In conclusion, despite complaints of shortage of naira notes, the Central Bank of Nigeria assures that there is sufficient liquidity in circulation. It warns against the tendency to keep tickets excessively and ensures that it takes the necessary measures to remedy this situation. It is therefore essential that Nigerians exercise patience and have confidence in the actions of the CBN to ensure liquidity availability in the country.