Amidst the scarcity of the Naira notes, the Central Bank of Nigeria (CBN) has revealed that the currency outside the vaults of banks at the end of January stood at 788.92 billion.
Africa Today News, New York report that this represents a 69.3 percent decrease from ₦2.6 trillion recorded in December 2022.
This was contained in the CBN’s Money and Credit Statistics for the month of January 2023.
However, the currency in circulation in the month under review stood at ₦1.37 trillion, representing 54 percent decline from ₦3.01 trillion recorded in December 2022.
This development stemmed from the CBN’s aggressive monetary policy to phase out old currency notes and introduce the new notes in circulation.
This also came on the back of the huge notes deposited by Nigerians ahead of the initial January 31, 2023, stated by the apex bank.
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The CBN thereafter extended the deadline to February 10, 2023, after much pressure. This resulted in huge queues seen in banking halls and this contributed to the reduction in currency outside the banking system.
Meanwhile, mobile banking applications continued to suffer glitches on Tuesday, leaving Nigerians stranded. Although, Daily Sun observed that some banks have started dispensing the old N200 notes to customers over the counter.
Africa Today News, New York reports that following President Muhammadu Buhari’s pronouncement last week, the volume of business transactions has significantly reduced while migration to e-channels has seen noticeable upsurge which has resulted in failed transactions.
Although, the CBN had insisted that the banks have adequate money and even accused banks of paying money to their priority customers, leaving the vulnerable to lament.