The Central Bank of Nigeria (CBN) has debunked rumours of naira scarcity in the country, amid reports that there is no sufficient cash circulation in some commercial banks nationwide.

The bank in a statement by its Spokesperson, Isa Abdulmumin, blamed some customers for panic withdrawal using the Automated Teller Machines (ATMs).

Abdulmumin, however, assured that the apex bank is working to ensure seamless circulation of cash nationwide.

The apex bank also urged Nigerians to “guard against panic withdrawals,” assuring that “there is sufficient stock to facilitate economic activities.”

CBN also advised the citizens to embrace alternative modes of payment, which it noted would reduce pressure on using physical cash.