In fewer than three months, Nigerian currency in circulation went from N2.75 trillion in third quarter of 2023 to N3.35 trillion in the fourth quarter of 2023, a 21.37% gain.

In the fourth quarter of 2023, cash outside of banks climbed by 27.8% to N3 trillion.

In fourth quarter of 2023, the Central Bank of Nigeria (CBN) cautioned against panic withdrawals, assuring the public that there is enough currency in the banking system.

This announcement came in response to purported complaints of cash shortages in the main cities ATMs, POSs, and bureaux de change.

Nigerian banks faced operating difficulties as a result of their inability to satisfy customer withdrawal requests.

The Nigerian currency in circulation may not be enough for the citizenry if the current cash shortages persist.

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