Naira scarcity: We’ll ensure steady supply of cash nationwide – CBN

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, says the apex bank will ensure a steady supply of cash to tackle shortages across the country.

Cardoso gave this assurance on Tuesday at a press briefing after the 298th monetary policy committee, MPC, meeting in Abuja.

He said that the CBN was adopting multifaceted measures to address the ongoing cash shortages across the country.

The CBN boss stated that the regulator was ensuring that all Deposit Money Banks, DMBs, receive the necessary cash supplies to meet the growing demand of the public.

“There is a lot that is going on, it is not a single area. It is multifaceted. With respect to cash specifically, we are ensuring that all the deposit money banks are getting all the cash that they require.

“We are ensuring that is happening. We are having regular dialogue between the central bank branches and the cash money banks all over the place to ensure that it is also happening and that there are no gaps” Cardoso said.

He, however, reiterated the apex bank’s commitment to addressing distortions in the cash supply system and ensuring that citizens do not suffer unduly.

Recall that on November 15, the CBN directed banks to prioritise cash disbursement through automated teller machines, ATMs.