N2.7trn In Circulation Outside Of Banking Sector – CBN

The Central Bank of Nigeria has said Tuesday said that of the N3.2 trillion in circulation, N2.7 trillion is outside the banking sector.Information Guide Nigeria

The Deputy Director, CBN Currency Department, Mrs. Amina Giwa, disclosed this in Port Harcourt at the ongoing 2022 Nigeria Deposit Insurance Corporation (NDIC) FICAN Workshop Programme with the theme: ‘Boosting Depositor’s Confidence Amidst Emerging Issues and Challenges in the Banking System’.

Presenting a paper entitled: ‘Redesign of Naira: Benefits to financial system and the Nigerian economy’, Giwa said 85% of cash in circulation was found to be constantly outside the banks over the years.NYSC portal

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INDEPENDENT reports that Giwa said 99% of counterfeit discovered are in the three highest denominations including N1000, N500, and N200.

She added that the circulation of counterfeit banknotes can undermine financial stability and also weaken national economies and jeopardize livelihoods.JAMB Result

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