Currency in circulation increases by N890 billion in three months under Cardoso
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- CarolinaBaby1
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Specifically, the CBN data reveals a climb to N3.65 trillion for CIC in December 2023, a significant jump from N2.76 trillion noted in September 2023, the month of Cardoso’s assumption of office as the governor of the CBN.
This increase of 32% or N890 billion was during a period when Nigerians struggled with another bout of naira scarcity despite CBN’s re-assurance of sufficient cash in circulation.
Nigerians hoards 94% of circulating cash
The CBN data also shows that Nigerians are holding on to naira at home as about 94% of the currency in circulation (CIC) is outside the banking system as of December 2023.
Also, cash outside banks experienced a 42% increase, reaching N3.43 trillion in December 2023 from N2.42 trillion in September 2023.
Source: https://nairametrics.com/2024/02/02/cur ... r-cardoso/
- Jared
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Who are these Nigerians for crying out loud!
Only polithiefians and their cronies will hoard so much cash.
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The government always act like they are not the one controlling the affairs of the country, bunch of incompetence.
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