Data from the Central Bank of Nigeria’s money and credit statistics shows that a substantial proportion of currency in circulation remains outside the banking system, with more than 90 per cent consistently held outside formal financial institutions in 2024.
The data revealed that currency outside banks surged to N4.29tn in October 2024, accounting for 94.3 per cent of the total currency in circulation of N4.55tn.
Nigeria continues to face cash scarcity despite a significant year-on-year increase of N1.59 trillion in the amount of currency held outside banks
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