REVEALED! Only 6% out of N4.1trn currency in circulation lodged in …C0NTINUE READING HERE >>>
Data from the Central Bank of Nigeria (CBN) has indicated that the currency in circulation has reached an all-time high of N4.1trillion as of August 2024.
The report revealed that currency outside the banks grew to N3.86 trillion in the month under review, which indicates that 93.34 per cent of the nation’s currency is in the hands of individuals and businesses, while only 6.66 per cent remains within the banking sector.
This trend highlights a persistent challenge for Nigeria’s formal banking system.
Despite efforts to drive financial inclusion and promote cashless…
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