Nigeria’s currency crisis deepened in November 2024, with the value of cash outside the banking system soaring to a record N4.65 trillion. This represents 95.4% of the total currency in circulation, highlighting the persistent cash scarcity faced by Nigerians.
Despite Central Bank of Nigeria (CBN) efforts to alleviate the issue, data reveals a substantial 8.5% increase in cash held outside banks, rising by N364.38 billion from October’s N4.29 trillion.
