Currency in circulation increased by 21.37 percent in less than three months as Nigerians feel the strain of cash crunch.
Data from the Central Bank of Nigeria (CBN) showed that currency in circulation rose to N3.35 trillion in November 2023, compared to N2.76 trillion recorded in September 2023, when Yemi Cardoso assumed office as the governor of the CBN.
The data revealed that cash outside banks increased by 27.80 percent to N3.08 trillion in November 2023, from N2.41 trillion in September 2023.
In response to growing concerns, the CBN assured the public of a sufficient currency stock in the banking system during November 2023, urging against panic withdrawals.
This announcement followed alleged reports of cash scarcity in banks, ATMs, Points of Sale, and Bureaux de Change (BOCs) in major cities nationwide.
During th period, Nigerian banks struggled to meet customer withdrawal demands, leading to operational challenges.
To cope with the cash shortage, PoS operators resorted to purchasing cash from traders and petrol station attendant
