The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured citizens that the apex bank is committed to ensuring a steady supply of cash nationwide.
This announcement was made during a press briefing following the 298th Monetary Policy Committee meeting held in Abuja.
Cardoso emphasized the multifaceted approach the CBN is adopting to tackle the cash shortages. "We are ensuring that all the deposit money banks are getting all the cash that they require," he stated, highlighting the importance of maintaining regular dialogue between CBN branches and Deposit Money Banks (DMBs) to prevent any gaps in cash distribution.
The CBN's strategy includes directing banks to prioritize cash disbursement through automated teller machines (ATMs), a move aimed at making cash more accessible to the public.
This initiative comes amid recent interest rate hikes and efforts to recapitalize Bureaux De Change (BDCs), reflecting the CBN's broader commitment to stabilizing the financial system.
Additionally, the CBN is working closely with the Nigerian Communications Commission (NCC) to resolve a debt issue involving telecoms and banks over Unstructured Supplementary Service Data (USSD) services.
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