Nigeria's Q1 2024 currency in circulation reached N3.87 trillion, 90% held outside banks due to CBN's redesign, leading to mistrust and inflation.
Nigeria's currency in circulation (CIC) reached N3.87 trillion at the end of Q1 2024, with over 90% of the currency held outside the banking system. This increase in cash hoarding is linked to the CBN's currency redesign in 2022 and 2023, which has led to a decrease in trust in banks' ability to circulate cash in the economy. The Central Bank of Nigeria has identified high currency outside banks as one of the main monetary drivers of the country's inflation.
May 06, 2024
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