CBN promises to address nationwide cash supply shortage

The Central Bank of Nigeria (CBN) has assured banks of a steady cash supply to address shortages nationwide.

Cardoso spoke on Tuesday at a press briefing following the 298th Monetary Policy Committee (MPC) meeting in Abuja.

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

The CBN governor said the regulator is ensuring that all deposit money banks (DMBs) receive the necessary cash supplies to meet the growing demand.

“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,” Cardoso said.

“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.

“We are also doing spot checks, and a lot is coming out of those spot checks, and we are not relenting in applying the sanctions where we have to do so and I think some of that has actually been announced in the recent past, and of course, the cash buffers.

“I believe that you should expect that there may be some ad hoc measures that will come during this Christmas season.”

Cardoso reiterated the CBN’s commitment to addressing distortions in the cash supply system and ensuring that citizens do not suffer unduly.

On November 15, the CBN directed banks to prioritise cash disbursement through automated teller machines (ATMs).

The apex bank said it commenced spot checks to ensure efficient and responsible cash disbursement to the public and prevent the disbursement of mint banknotes to persons hawking naira notes.

AdvertisementThe CBN said during the yuletide season, it will collaborate with relevant law enforcement agencies to intensify spot checks and mystery shopping activities to monitor and enforce responsible cash distribution and prevent naira abuse.

On November 13, Nigerians took to social media to complain about the lack of cash in banks’ ATMs and having to depend on point of sale (POS) operators.