Cardoso: CBN will inject N1.4tn to boost Nigeria’s liquidity, cautions banks

The Governor of the Central Bank of Nigeria, Olayemi Cardoso has said that the apex bank will inject N1.4 trillion into the financial sector to boost liquidity in the country.

Cardoso disclosed this Tuesday 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,” he 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”, he said.

This comes as the CBN raised the country’s interest rate to 27.25 percent from 26.75 in July 2024.

Cardoso: CBN will inject N1.4tn to boost Nigeria’s liquidity, cautions banks