Currency in circulation rises to N3.4tr-CBN

As naira scarcity hits some parts of the country, forcing commercial banks to ration the currency, the Central Bank of Nigeria (CBN) has, for the umpteenth time, assured of adequate cash stock to meet the public’s needs.

It added that currency in circulation as of February 2023, was N1 trillion, while the figure has risen to over N3.4 trillion as of December 11, 2023.

The apex bank, in a statement on Wednesday signed by its Spokesperson, Mrs Sidi Ali Hakama, said the aforementioned figure indicated that there was sufficient cash in circulation, except that the cash was being hoarded by individuals who were being haunted by the ghosts of the 2022-naira scarcity experience.

Ali further disclosed that the CBN was monitoring the situation and had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs).

She empathized with Nigerians, over their previous and current experiences, but insisted that the CBN had adequate cash to meet the day-to-day transaction needs of Nigerians.

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.

While also urging Nigerians to continue to accept all Naira banknotes for their daily transactions, Sidi Ali reiterated the Bank’s earlier call to the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash.


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