{"id":111721,"date":"2024-05-03T19:45:59","date_gmt":"2024-05-03T18:45:59","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=111721"},"modified":"2024-05-03T19:45:59","modified_gmt":"2024-05-03T18:45:59","slug":"nigerians-hoarding-94-cash-cbn","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nigerians-hoarding-94-cash-cbn\/","title":{"rendered":"Nigerians hoarding 94% cash \u2013 CBN\u00a0"},"content":{"rendered":"
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Nigerians are holding onto cash at an unprecedented rate, with a staggering 94 percent of the country\u2019s currency outside the banking system.<\/div>\n
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\nThis trend was revealed by the Central Bank of Nigeria\u2019s (CBN) in its latest March, 2024 Money and Statistics data.<\/p>\n

The figures paints a concerning picture of declining trust in the banking system and potential risks to the nation\u2019s economic growth.<\/p>\n

According to the data on the CBN website, the amount of physical money M1 in circulation has skyrocketed compared to the previous year.<\/p>\n

In January 2024, it stood at N3.65 trillion, more than double the N1.39 trillion recorded in January 2023.<\/p>\n

This trend continued throughout the quarter, with March 2024 reaching N3.87 trillion, a 130 percent increase from the previous year.<\/p>\n

This significant rise suggests the CBN has pumped more cash into the system, likely in response to the scarcity issues plaguing 2023.<\/p>\n

While the CBN injects more cash, the amount held outside banks is growing even faster.<\/p>\n

January 2024 saw N3.28 trillion outside the banking system, compared to N792.18 billion just a year prior.<\/p>\n

By March 2024, this figure had ballooned to a concerning N3.63 trillion, a 150 percent increase year-on-year.<\/p>\n

This indicates Nigerians are hoarding cash at a rate exceeding the CBN\u2019s efforts to increase circulation.<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Nigerians are holding onto cash at an unprecedented rate, with a staggering 94 percent of the country\u2019s currency outside the banking system. 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