The Central Bank of Nigeria (CBN) says N1.4 trillion will be distributed in the next three months to aid cash flow within the banking system.
Olayemi Cardoso, CBN governor, spoke on Tuesday during a press conference in Abuja.
Speaking on the issue of cash insufficiency in most bank’s automated teller machine (ATM), Cardoso said the apex bank is working closely to ensure that there is sufficient cash in the system.
According to the CBN governor, banks do not have any excuse not to dispense cash.
“Another N1.4 trillion is likely to be delivered in another three months to aid that whole process of cash within the system,” he said.
“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.
“Now it goes to the deployment of that cash and quite frankly, we are working very, very closely, we are engaging with all the deposit money banks to ensure that they are putting these things through their ATMs, effectively dispensing cash to those that are in need.
“And whether they are in need or not, that’s the function of the deposit money banks. And at all points in time, there should be sufficient cash in their system that nobody should go there without being able to withdraw.”