Wednesday , June 12 2024
CBN Governor Addresses Cash Scarcity, Applauds Fintech Platforms

CBN Governor Addresses Cash Scarcity, Applauds Fintech Platforms

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has expressed concern over the discomfort Nigerians are experiencing on Niara scarcity and also assured that measures are been taken to address the issue.

He also apologised to Nigerians for the difficulties experienced while trying to effect various e-payment transactions.

Emefiele at the post-Monetary Policy Committee (MPC) briefing in Abuja on Tuesday admitted that some “isolated cases still persist” but these cases were being resolved

The Apex Bank Governor hinted that Nigerians would have to adapt to the new cashless policy regime. He said the glitches experienced will soon become a thing of the past

On the lingering naira crunch and frequent glitches in the electronic banking channels, the CBN Governor described them as temporary discomfort, assuring that efforts were being made to boost service delivery.

“We shall continue to pump new notes into the system and we will continue to check so we don’t flood the system with excess cash, so we don’t go back to where we’re coming from. “Naira redesign has reduced money outside the banks. We are aware of cash limit pains and downtime in online banking. We have called on other stakeholders in the electronic banking space to ensure better services. Online channels do fail and it’s being resolved. The payment System Department of the CBN is overseeing this and ensuring transactions are smooth.

“At this stage, I thank some FinTech who had the idle capacity and brought it to help electronic banking channels”, Emefiele added.

About Bukola Olanrewaju

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