Currency in circulation soars to N3.35trn, fails to ease Nigerians cash woes

Currency in circulation increased by 21.37 percent in less than three months as Nigerians feel the strain of cash crunch.

Data from the Central Bank of Nigeria (CBN) showed that currency in circulation rose to N3.35 trillion in November 2023, compared to N2.76 trillion recorded in September 2023, when Yemi Cardoso assumed office as the governor of the CBN.

The data revealed that cash outside banks increased by 27.80 percent to N3.08 trillion in November 2023, from N2.41 trillion in September 2023.

In response to growing concerns, the CBN assured the public of a sufficient currency stock in the banking system during November 2023, urging against panic withdrawals.

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This announcement followed alleged reports of cash scarcity in banks, ATMs, Points of Sale, and Bureaux de Change (BOCs) in major cities nationwide.

During th period, Nigerian banks struggled to meet customer withdrawal demands, leading to operational challenges.

To cope with the cash shortage, PoS operators resorted to purchasing cash from traders and petrol station attendant

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.