Students cry over cash crunch, difficulties; CBN Refutes Cash Scarcity Reports, Assures Adequate Currency Availability.

 



The Students Nationwide have complained the difficulties presently in the country and how it affects in the school system.

Talking about the fuel subsidy and the problems that came with it as well as the cash unavailability at the cash points such as banks ATM and POS to be precise.


Mustapha Abubakar, a student of Bayero University, Kano lamented when speaking with our correspondence today, he said " The problem in the country is too much that even Students cannot concentrate on classes because of hunger caused by the negligence of the government, I have started trekking to school to and fro in order to see enough money to eat, most of my friends do not even have anything to eat, the hardship is too much, government should do something"


Meanwhile, the Central Bank of Nigeria has refuted claims of cash scarcity at banks, automated teller machines,  Points of Sale, and Bureaux de Change in various major cities nationwide. 


Punch reported that  "In an official statement signed by the Director of Corporate Communications, Isa AbdulMumin, shared on their X account on Thursday, the apex bank clarified the situation.



"The statement, in part, said, "Our findings reveal that the seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from the ATMs.


"Furthermore, the CBN assured the public, stating, "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 CBN underscored that its branches nationwide are actively working to ensure the smooth circulation of cash within their respective regions of operation. Additionally, the public was advised against panic withdrawals, as there is an adequate reserve to facilitate economic transactions. Nigerians were also encouraged to adopt alternative payment methods to alleviate the pressure of using physical cash."

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