THE NATION
DESPITE a claim by Central Bank of Nigeria (CBN) Governor Godwin Emefiele that the apex bank has pushed nearly N1 trillion into circulation, Nigerians continue experience scarcity.
Many branches of the Deposit Money Banks (DMBs) complain of inadequate allocation of cash from the CBN on daily basis.
Emefiele told reporters after the end of the Monetary Policy Committee (MPC) meeting at the CBN headquarters in Abuja yesterday that the apex bank has pumped more cash into circulation.
Fielding questions on the outcome of the MPC meeting, Emefiele said on the Naira redesign policy and where things stand now, the “currency in circulation is roughly close to a N1 trillion and the CBN continues to pump the newly designed currency into the market.”
Speaking on cash flow since the March 3 Supreme Court judgment, Emefiele said: The CBN will need to re-access again to know whether the currency in circulation has attained an optimal level so as to be able to put in place measures that will ensure that we don’t go back to what we had before, where people were keeping a lot of money outside the banking system for their own benefit.
“The MPC has noted that the naira redesign and cash withdrawal limit policies have resulted in a sizeable reduction in Currency-Outside-Banks, indicating an expected improvement in the potency of monetary policy tools.”
