Abuja, Sept. 25, 2024 – The Central Bank of Nigeria (CBN) is to inject N1.4 trillion into circulation within the next three months to improve the level of cash in circulation.
Olayemi Cardoso, the Governor of the CBN, said this in Abuja on Tuesday at a press briefing at the end of the Monetary Policy Committee (MPC).
He also said the apex bank would begin to sanction commercial banks whose Automated Teller Machines (ATMs) are not dispensing cash.
The CBN chief said these measures were aimed at making more naira notes more readily available in circulation.
He said that the apex bank had devised measures to monitor banks to enforce compliance.
Cardoso said the bank had devised an on-the-spot-monitoring system to ensure that banks do things the way they are meant to be done.
“So, from our perspective, we are doing everything possible to ensure that there is sufficient cash in the system.
“There is no excuse for not having sufficient cash in the system,” he said. (GBN)
