The country’s currency-in-circulation dropped from N3.29tn as of the end of October 2022 to N1.38tn as of the end of January 2023 due to the naira redesign policy of the Central Bank of Nigeria.
Recent figures obtained from the CBN showed a drop of N1.91tn in the three months.
In October, when the CBN announced its naira redesign policy, the bank aimed to cut down on money in circulation, among other objectives.
But, the policy implementation resulted in the Naira scarcity crisis.
BUSINESSNigeria’s currency in circulation drops to 1.38trn in JanuaryPublished on February 28, 2023By Ogaga Ariemu
The country’s currency-in-circulation dropped from N3.29tn as of the end of October 2022 to N1.38tn as of the end of January 2023 due to the naira redesign policy of the Central Bank of Nigeria.
Recent figures obtained from the CBN showed a drop of N1.91tn in the three months.
In October, when the CBN announced its naira redesign policy, the bank aimed to cut down on money in circulation, among other objectives.
But, the policy implementation resulted in the Naira scarcity crisis.
The Centre for the Promotion of Privation Enterprise, CPPE, asked the federal government to end the currency crisis Nigerians are experiencing by pumping more money into the banking system.
The Chief Executive Officer, Dr Muda Yusuf, disclosed this to many source while reacting to the naira scarcity amid Saturday’s Presidential and National Assembly Elections.
Checks by many sources on Monday found that there is yet no end to the naira crisis as Nigerians could not access money in ATMs, banks, PoS and other means.