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The CBN chief spoke on Tuesday at the conclusion of the two-day meeting of the monetary policy committee in Abuja.
Nigerians have had a difficult time completing successful banking transactions using their mobile apps, USSD platforms, and debit cards since the implementation of the naira redesign program and the ensuing cash crisis.
Commenting on the subject, Emefiele stated that the apex's bank payments system management division made measures to guarantee that any outage on electronic banking channels was promptly fixed.
"I have to apologize. Online channels do in fact fail. Yet, it is undeniably due to the flood of online transactions that slammed the financial sector. Nonetheless, a solution is being found," Emefiele stated.
"Our payments system management section keeps an eye on the online payment platforms every day to make sure that any outages are immediately fixed so that business may continue as usual."
He also applauded fintechs for easing the burden on traditional banks and enabling easy transactions for Nigerians.
Emefiele stated that the naira redesign policy's execution has decreased the amount of currency outside of banks.
The CBN governor stated that when the naira redesign strategy first began, there was around N3.23 trillion in circulation, of which only N500 billion was retained in the banking system and N2.73 trillion was outside the banks.
"It was reported yesterday that there is around N1 trillion worth of coins in circulation. The freshly redesigned currency will keep being pumped into the market by CBN.
"The reality is that at some point we will need to reassess to see if the amount of money in circulation has reached an optimal level in order to put safeguards in place to ensure that we don't get to the level when people stored money outside the banking system for their personal purposes."
