Critical flaw in the implementation of the naira redesign policy by the Central Bank of Nigeria under ex-governor, Godwin Emefiele is responsible for the prevailing cash scarcity.
This is according to Emefiele’s successor, Yemi Cardoso.
The latter said this yesterday at the launch of the World Bank Nigeria Development Update in Abuja.
“Unfortunately, the history of that lies with the naira redesign policy and coming to the end of the year, way before the third quarter, there was a lot of apprehension with respect to where this was all going to end; and whether the old currency would no longer be good for legal tender and many started hoardings. This is really what happened. Happily, Supreme Court has decided that the currency will be valid post-end of the year,” Cardoso told the audience.
In another official comment on the lingering cash crush, the apex bank’s Acting Director, Corporate Communications, Mrs. Hakama Sidi-Ali said in a statement she released saying: “There is indeed an increase in currency in circulation. From N1 trillion in February 2023, we have seen a rise to over N3.4 trillion as of December 11, 2023. This demonstrates that enough cash is available, but unfortunately, it’s not circulating due to apprehension among some individuals.”
Continued: “We empathize with the recent and past experiences of Nigerians. The CBN assures everyone that we have adequate cash to meet daily transaction needs, even during the upcoming festive season.
“The CBN was monitoring the situation and had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs).”
