Governor of the Central Bank of Nigeria, CBN, Governor Yemi
Cardoso, has said that the prevailing cash scarcity is as a result of the poor
implementation of the naira redesign policy.
The CBN boss acknowledged the “glaring defects” in various
CBN policies and announced a comprehensive review initiative.
“We are taking a thorough look at all our policies
implemented over time,” he said.
Cardoso spoke at the launch of the World Bank Nigeria
Development Update in Abuja on Wednesday.
He said the policy review aims to produce an elegant
document which would outline clear rules and procedures for navigating the
Nigerian money market.
Cardoso, while speaking on the cash crunch plaguing
Nigerians, identified the poorly executed naira redesign as the primary
culprit.
“The apprehension surrounding the policy’s end date, well
before the third quarter, triggered widespread hoarding. Many feared the old
notes would lose legal tender status, prompting them to hold onto their cash.
“Unfortunately, the history of that lies with the naira
redesign policy and coming to the end of the year, way before the third
quarter, there was a lot of apprehension with respect to where this was all
going to end; and whether the old currency would no longer be good for legal
tender and many started hoardings.
“This is really what happened. Happily, the Supreme Court
has decided that the currency will be valid post-end of the year,” he said.
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