Cardoso assures public of steady cash supply to address ongoing shortages

Abuja, Nigeria – Amid growing concerns over persistent cash shortages across the country, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured the public that the apex bank is implementing comprehensive measures to ensure a steady supply of cash.

Cardoso’s remarks came on Tuesday during a press briefing following the 298th Monetary Policy Committee (MPC) meeting in Abuja.

Cardoso emphasized that the CBN is addressing the cash supply issue through a multifaceted approach, aimed at tackling the root causes of the shortage. “There is a lot that is going on, it is not a single area. It is multifaceted,” he explained.

READ ALSO: Nigerians face worsening cash shortage as festive season approaches

The CBN governor reassured Nigerians that all Deposit Money Banks (DMBs) are receiving the necessary cash supplies to meet the growing demand for physical currency.

“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.