Central Bank of Nigeria Governor Yemi Cardoso has blamed the recent cash scarcity on the flawed implementation of the naira redesign policy.

He made this known while speaking at the World Bank Nigeria Development Update launch in Abuja, which projected a 3.5 per cent annual growth for the 2023 to 2026 fiscal year.

Cardoso noted many feared the old notes would lose legal tender status, prompting them to hoard cash.

He said a thorough review will be done on all policies to produce a document outlining clear rules and procedures for navigating the Nigerian money market.

The CBN governor also assured that the Supreme Court’s recent ruling upholding the validity of the old notes beyond the initial deadline will ease cash into circulation.