Nigerian Currency in Circulation hit 92% in November 2023

The central bank of Nigeria have announced that 92% of the currency in circulation (CIC) is outside the banking system as of November 2023.

According to the apex bank, this surge is marking a notable rise from the 86% recorded in October 2022, just before the CBN’s naira redesign policy took effect and currency in circulation has soared by 21.37% in under three months, amid the intensifying cash crunch felt across the nation.

Specifically, the CBN’s data reveals a climb to N3.35 trillion in CIC in November 2023, a significant jump from N2.76 trillion noted in September 2023 which coincides with the appointment of the new CBN governor, Yemi Cardoso.

CBN Governor, Mr. Olayemi Cardoso at the National Assembly on Tuesday, September 26, 2023.
photo credit: CBN

Also, cash outside banks experienced a 27.80% increase, reaching N3.08 trillion in November 2023 from N2.41 trillion in September 2023.

This surge in non-bankheld cash comes amidst growing public concern over the sufficiency of currency in the banking system and the shortage has placed considerable strain on Nigerian banks, which have struggled to meet customer withdrawal demands, leading to various operational challenges.

Dolupo Balogun

Written by Boom RadioNG