CBN Chief Explains Causes of Ongoing Cash Shortage Amid Naira Scarcity.
CBN Governor Yemi Cardoso attributed the current cash scarcity in Nigeria to the inadequate implementation of the naira redesign policy.
Acknowledging flaws in various CBN policies, he announced a comprehensive review initiative to create a refined document with clear rules for navigating the Nigerian money market.
Cardoso addressed the cash crunch during the launch of the World Bank Nigeria Development Update, identifying the poorly executed naira redesign as the main cause.
"The anxiety surrounding the policy's conclusion, well in advance of the third quarter, led to widespread hoarding.
Many were concerned that the old notes might lose their legal tender status, prompting them to hold onto their cash.
"Regrettably, the origin of this situation lies in the naira redesign policy, and as the year approached its end, much before the third quarter, there was significant apprehension about the outcome.
People were uncertain about whether the old currency would remain valid for legal tender, leading many to start hoarding.
"That's essentially what transpired. Fortunately, the Supreme Court has ruled that the currency will remain valid beyond the end of the year," he stated.
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