The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured that the bank will ensure a consistent supply of cash to address the ongoing shortages across the country. Cardoso made this statement on Tuesday during a press briefing following the 298th Monetary Policy Committee (MPC) meeting in Abuja.
He emphasized that the CBN is implementing a variety of strategies to tackle the cash shortages, ensuring that all Deposit Money Banks (DMBs) receive the necessary cash supplies to meet public demand.
“There are multiple efforts in place. It’s not just one solution but a combination of approaches. Specifically, for cash, we are guaranteeing that all deposit money banks are receiving the required amounts. Regular communication between the central bank’s branches and the banks is ongoing to ensure smooth cash distribution and avoid any gaps,” Cardoso explained.
The CBN Governor also reiterated the bank’s commitment to resolving disruptions in the cash supply system, emphasizing that the aim is to prevent undue hardship for Nigerians. He reminded the public that, as of November 15, the CBN had instructed banks to prioritize cash disbursement through Automated Teller Machines (ATMs).
