The Business NG - The BusinessNG
The Business NG - The BusinessNG
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Cash circulating outside Nigeria’s banking system surged to an unprecedented N4.2 trillion in October 2024, a sharp rise from N792 billion in January 2023. This growth reflects the ineffectiveness of the Central Bank of Nigeria’s (CBN) policies aimed at curbing excess liquidity. Currency in circulation also climbed to N4.5 trillion during the same period, underscoring the increasing reliance on cash outside formal financial channels.
Nigerians’ preference for cash transactions is partly fueled by persistent challenges in accessing money through Automated Teller Machines (ATMs). Many ATMs remain out of service or plagued by long queues, forcing individuals to depend on Point-of-Sale (POS) operators for withdrawals. However, this alternative often comes at a steep price, with fees ranging from 5% to 10% per transaction.
Despite the CBN’s hawkish monetary stance, including frequent increases in the Cash Reserve Ratio (CRR), the demand for physical cash remains unabated. This trend raises questions about the effectiveness of current policies and the need for innovative approaches to address the liquidity crisis and restore confidence in Nigeria’s banking system.
The Business NG Newspaper Description:
Utgiver: Tuns Media & Comm Enterprise
Kategori: Newspaper
Språk: English
Frekvens: Semi-Weekly
The BusinessNG, a leading business news publication across Nigeria and WestAfrica With a strong team of 30 staff members and a weekly print circulation of over 10,000 copies, we are poised for growth and report all political relating to business news at all level
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