As parts of efforts to boost liquidity in the country, the Central Bank of Nigeria(CBN) has disclosed that it will N1.4 trillion into the financial sector.
The Governor of the CBN, Olayemi Cardoso, made this disclosure on Tuesday, 24 September, 2024 during a press conference at the end of the 297th Monetary Policy Committee.
Responding to questions on cash insufficiency in banks’ Automated Teller Machines (ATM), Cardoso said the apex bank is working to provide a solution.
According to him, the bank will impose sanctions on banks sabotaging the system.
“Another N1.4 trillion is likely to be delivered in another three months to aid that whole process of cash within the system,” Cardoso said.
“And if they are not, again, there will be sanctions but I believe that at the stage we are in now, everybody realizes that stakeholders play their part in ensuring that cash gets to the desired places they are intended to be,” the Apex Bank boss said.
This comes as the CBN raised the country’s interest rate to 27.25 percent from 26.75 in July 2024.
