Tag
CASH SCARCITY
Currency outside banks hit a new high of N4.65 trillion in November 2024, representing 95.4% of the total currency in circulation, as Nigerians grappled with persistent cash scarcity despite efforts by the Central Bank of Nigeria (CBN) to ease the situation.
The amount of currency outside the Nigerian banking system has reached a new all-time high of N3.71 trillion in May 2024.
Amid cash scarcity, Nigerians transferred a total of N4.1 trillion over mobile in March 2023, making transactions over mobile rise by 215%.
Black market FX traders have expressed their frustration over the recent cash scarcity crisis across the country
Last week, the searchlight was on Nigerian banks amid the continued cash scarcity, even as the ICPC accused Sterling Bank of cash hoarding
The cash scarcity challenge currently plaguing large swaths of the Nigerian economy has not affected the capital markets.
There is an increasing slowdown in person-to-person and person-to-business transactions across Nigeria due to the scarcity of cash