CBN to increase liquidity in banks by supplying N1.4trn, says Cardoso

The Central Bank of Nigeria, CBN, says N1.4 trillion will be injected into the banking system over the next three months to aid cash flow.

Making the announcement on Tuesday during a press conference in Abuja, Olayemi Cardoso, CBN governor, who was speaking on the insufficiency of cash in most bank’s automated teller machines, ATM, said the apex bank is working closely to ensure that there is sufficient cash in the system. 

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Mr Cardoso said a monitoring system has been put in place to check the services of the banks. According to him, banks do not have any excuse not to dispense cash, and there will be sanctions if any bank fails to dispense cash.