94% of Nigeria's currency hoarded outside banking system, posing risks to economic stability.
94% of Nigeria's currency is hoarded outside the banking system, a concerning trend according to Central Bank of Nigeria (CBN) data. This decline in trust in the banking sector poses potential risks to Nigeria's economic stability. Physical money in circulation (M1) has skyrocketed, reaching N3.87 trillion in March 2024, more than double the N1.39 trillion recorded in January 2023.
May 03, 2024
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