Over N3 trillion in circulation- CBN assures Nigerians

The Central Bank of Nigeria (CBN) says over N3 trillion is currently in circulation, assuring Nigerians of adequate cash to meet their needs.

The Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, has revealed that there is a shortage of cash in major cities throughout the country in a chat with newsmen in Abuja.

Mrs Sidi Ali who attributed the current situation to the hoarding of the Naira by some people due to challenges experienced during the Naira redesign project, maintained that the situation was being monitored.

According to her, sufficient cash has been released to its branches across the country for onward distribution to deposit money banks (DMBs).

Sidi Ali went on to clarify that the currency in circulation in February 2023 was N1 trillion, and that figure had risen to over N3.4 trillion by December 11, 2023.

”This is an indication that there is sufficient cash in circulation, except that the cash was in the hands of individuals who were apprehensive due to their previous experiences,” she said. 

She, therefore, appealed to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the yuletide and beyond.

Sidi Ali, a representative of the Bank, has urged Nigerians to continue accepting Naira banknotes for their daily transactions. At the same time, he emphasized the importance of embracing alternative modes of payment such as e-channels, in order to reduce the pressure on the use of physical cash. This is in line with the Bank’s earlier call to the public to adopt digital payment methods.

SOURCE: FRCN