Governor Yemi Cardoso of the Central Bank of Nigeria (CBN) has attributed the existing cash scarcity to the inadequate execution of the naira redesign policy. Acknowledging the evident flaws in various CBN policies, Cardoso announced a comprehensive review initiative to address these issues.

During the launch of the World Bank Nigeria Development Update in Abuja on Wednesday, Cardoso emphasized the need for a thorough examination of the policies implemented over time. He expressed the intention to create a comprehensive document that would establish clear rules and procedures for navigating the Nigerian money market.

Addressing the cash crunch affecting Nigerians, Cardoso identified the poorly executed naira redesign as the primary cause. He explained that the uncertainty surrounding the policy’s end date, which occurred well before the third quarter, led to widespread hoarding. Many individuals feared that the old notes would lose legal tender status, prompting them to retain their cash.

Regrettably, the historical context lies with the naira redesign policy. As the year approached its end, concerns about the fate of the old currency being deemed invalid for legal tender heightened. However, Cardoso reassured the public by highlighting the Supreme Court’s decision, confirming the continued validity of the currency post the end of the year.

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