A Statement from the CBN Governor on the Causes of the Cash Crisis bankpawa.co .uk

A Statement from the CBN Governor on the Causes of the Cash Crisis

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Yemi Cardoso, governor of Nigeria’s central bank, has stated that the current cash shortage is due to the naira redesign policy’s inadequate execution.

The CBN chief announced a thorough review effort in light of the “glaring defects” in several CBN policies.

He assured them that they were reviewing all of the policies that had been put into place over the years.

The World Bank Nigeria Development Update was launched in Abuja on Wednesday, and Cardoso was the guest speaker.

According to him, the goal of the policy review is to create a polished document that will lay out the ground rules for the Nigerian money market.

While discussing the severe shortage of funds affecting Nigerians, Cardoso pointed the finger at the botched redesign of the naira as the main cause.

Many people started hoarding goods because they were afraid the policy would expire before the third quarter. People hoarded their cash out of concern that the old notes could lose their legal tender status.

Regrettably, it all started with the naira redesign policy, and by the end of the year, well before the third quarter, people were worried about what would happen next, wondering if the old currency would still be valid as legal tender and even hoarding it.

“This is the truth of the matter. He was relieved to hear that the money will be legal beyond the end of the year because the Supreme Court had ruled on it.

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