The Central Bank of Nigeria (CBN) has disclosed that the currency in circulation (CIC) has reached a high of N3.4 trillion as of December 11, 2023.

This was an increase of 13.71% or N410 billion from the N2.99 billion recorded in October 2023.

CIC comprises currency outside the banking system and money in bank coffers.

With this new high of almost N3.4 billion, the currency in circulation has exceeded the level it was at in October 2022 (N3.29 billion) before the CBN's naira redesign policy.

CBN blames hoarding for cash shortage

In a statement released on Wednesday, the CBN assured Nigerians that there is enough money, adding that the current shortage is due to hoarding of cash.

The statement said:

  • “The Central Bank of Nigeria (CBN) has once again assured the public that it is resolving reported cases of cash shortages in some of the country’s major cities. He attributed the current situation to hoarding of Naira by some people due to the challenges faced during the Naira redesign project.”

Added:

  • “Giving further clarification on the cases of hoarding, Sidi Ali explained that the currency in circulation in February 2023 was N1 trillion, while this figure had risen to over N3.4 trillion as of December 11, 2023. This, according to her indicated that there was sufficient money in circulation, except that the money was in the hands of individuals who were apprehensive due to their past experiences.”

The CBN further urged Nigerians to be patient as the CBN tries to ensure the availability of cash, especially during Christmas and beyond. He also urged Nigerians to look beyond cash and adopt alternative means of transacting.


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