Nigerians hoarding 94 percent cash, says CBN report

Nigerians are holding onto cash at an unprecedented rate with a staggering 94 percent of the currency outside the banking system.The figures paints a concerning picture of declining trust in the banking system and potential risks to the nation’s economic growth.

In January 2024, it stood at N3.65 trillion, more than double the N1.39 trillion recorded in January 2023. This significant rise suggests the CBN has pumped more cash into the system, likely in response to the scarcity issues plaguing 2023.CBN raises Customs exchange rate for duty collection to N1,327/$

Fear surrounding the validity of old notes and difficulty accessing cash fueled a hoarding mentality that continues to this day.

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