Despite Cash Scarcity, CBN Says Cash in Circulation Has Spiked by 21.37%
The Central Bank of Nigeria (CBN) has asserted that cash in circulation in the country has spiked by 21.37%, despite scarcity claims.
A report by the Apex Bank revealed that the currency in circulation increased to N3.35 trillion in November 2023, compared to N2.76 trillion recorded in September 2023.
The report revealed that cash outside banks rose by 27.80% to N3.08 trillion in November 2023 from N2.41 trillion in September 2023. In November last year, the apex bank assured Nigerians that it had sufficient cash in its vault and the banking system to serve economic activities in Nigeria.
The apex bank’s acting director of corporate communications, Sidi Ali attributed the scarcity claims to the hoarding of the currency by some individuals. She noted that the CBN had released sufficient cash to its branches across the country for distribution to deposit money banks (DMBs).
The announcement is coming as Nigerians report cash scarcity in banks, ATMs, PoS, and other cash points in major cities nationwide.
