Why there is Naira notes scarcity – CBN

The Central Bank of Nigeria says the seeming Naira notes scarcity in the country is caused by large volume of withdrawals of cash from various CBN branches by Deposit Money Banks.

The apex bank, which disclosed this amidst
complaints by some Nigerians about scarcity of Naira notes, said there is adequate supply of the currency.

Newstrends reports that many bank customers have raised concerns on scarcity of Naira notes at the counters, Automated Teller Machines (ATMs) Points of Sale (PoS), and Bureaux de Change (BDCs).

Some officials of Deposit Money Banks (DMBs) also claimed that the DMBs were not getting adequate supply of cash from the CBN.

But, according to a statement issued by the Corporate Communications Department of the CBN, there is no shortage of Naira notes, as there is adequate supply of the currency in the economy.

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It said that panic withdrawals by bank customers was also partly responsible for the seeming scarcity.

“The attention of the CBN has been drawn to reports of alleged scarcity of cash at banks, ATMs, PoS and BDCs in some major cities across the country.

“Our findings reveal that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by DMBs and panic withdrawals by customers from the 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.

The CBN advised members of the public to guard against panic withdrawals as there was sufficient stock to facilitate economic activities.

It also advised Nigerians to embrace alternative modes of payment, which would reduce pressure on using physical cash.

Why there is Naira notes scarcity – CBN

BREAKING : Senators donate December salaries to victims of Kaduna bombing

All the 109 Nigerian senators have donated their December salaries, amounting to N109 million to the victims of the ‘accidental’ bombing in Tudun Biri, Igabi Local Government Area of the Kaduna State.

Deputy President of the Senate, Senator Barau I. Jibrin, announced this at the Kaduna Government House when he led a high-power delegation of the Senate members to the state.

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The Senators were received by the state governor, Senator Uba Sani.

Senator Barau, in a statement by his Special Adviser Media and Publicity, Ismail Mudashir, said the money would be sent to the state governor for onward delivery to the victims.

The governor thanked the senators for their donation.

BREAKING : Senators donate December salaries to victims of Kaduna bombing

Publication of my academic records witch-hunt, mischief – Atiku

Former Vice President, Alhaji Atiku Abubakar has accused an online newspaper of mischief and witch-hunt, by claiming that he refused to release his academic records.

The newspaper had reported that the former vice president refused to release his academic records despite exposing President Bola Tinubu.

But Atiku in a statement issued by his Media Adviser Paul Ibe said the newspaper did not adhere to any known ethics of journalism, and accused it of publishing a story that is neither controversial nor shrouded in a cover-up.

According to the former Peoples Democratic Party (PDP) presidential candidate, the documents upon which the report was based are already in the public space.

“The Independent National Electoral Commission (INEC) is the body that is the repository of all relevant documents required by law for anyone contesting election into public office,” Atiku stated, adding that the newspaper did not write to INEC to place a demand for Atiku Abubakar’s documents.

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The former vice president also disclosed that he is an alumnus of both Ahmadu Bello University, Zaria, and the Anglia Ruskin University in the United Kingdom, noting that neither of the institutions was contacted for his academic records with them, “nor did Atiku stop the school or go to court to ask any of these schools not to release his records.”

He also said the publication is at liberty to write to the West African Examination Council (WAEC) demanding a copy of his certificate and transcript.

“The ethics of journalism seeks to establish the truth when there is a dispute about it or when there is a deliberate cover-up that inhibits public interest,” alleging that the newspaper was not interested in interrogating the discoveries from the Chicago State University “for the obvious reason that a parent owner of the newspaper occupies a critical seat in the current government.

“And, then, we ask the question: What manner of a newspaper sets out to protect the interest of a government but is very willing to embark on a wild goose chase on a private citizen?”

Publication of my academic records witch-hunt, mischief – Atiku