Central Bank Governor, Yemi Cordoso has acknowledged what he called the ”Glaring Defects” in the apex bank, and attributed it to the prevailing cash scarcity witnessed in the country

The Central Bank Governor, Yemi Cordoso has acknowledged what he called the glaring defects in the apex bank, and attributed it to the prevailing cash scarcity witnessed in the country.

The CBN Governor, who spoke yesterday at the launch of the World Bank Nigeria Development update in Abuja, observed what he called critical flaw in the implementation of the naira redesign policy, and pledged to take a look at those policies with a view to addressing identified errors.
Cordoso said the review aims to produce what he described as an elegant document, outlining clear rules and procedures for navigating the Nigerian money market.

He explained that the apprehension surrounding the policy’s end date, well before the third quarter, triggered
– widespread hoarding, which he noted made people to hold onto their cash.
The CBN governor said the Supreme Court’s recent ruling, upholding the validity of the old notes beyond the initial deadline will alleviate apprehensions and incentivize individuals to release their hoarded cash into circulation.