The amount of currency in circulation (CIC) has increased by about N890 billion between September 2023 and December 2023, according to the latest money and credit statistics data by the Central Bank of Nigeria (CBN).
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.
