NewStats: 3,262,109 , 8,176,093 topics. Date: Saturday, 31 May 2025 at 07:34 PM 6l4vg

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

This Central Bank of Nigeria (CBN) stated this in its March 2024 Money and Statistics data.

The figures paints a concerning picture of declining trust in the banking system and potential risks to the nation’s economic growth.

According to the data on the CBN website, the amount of physical money M1 in circulation has skyrocketed compared to the previous year.

In January 2024, it stood at N3.65 trillion, more than double the N1.39 trillion recorded in January 2023.

This trend continued throughout the quarter, with March 2024 reaching N3.87 trillion, a 130 percent increase from the previous year.

This significant rise suggests the CBN has pumped more cash into the system, likely in response to the scarcity issues plaguing 2023.

While the CBN injects more cash, the amount held outside banks is growing even faster.

January 2024 saw N3.28 trillion outside the banking system compared to N792.18 billion just a year prior.

By March 2024, this figure had ballooned to a concerning N3.63 trillion, a 150 percent increase year-on-year.

This indicates Nigerians are hoarding cash at a rate exceeding the CBN’s efforts to increase circulation.

This behavior can be traced back to the severe cash scarcity crisis experienced in 2023.

The CBN’s flawed implementation of a naira redesign policy, intended to promote a cashless economy and combat crime, resulted in widespread disruption and a loss of trust in banks.

Fear surrounding the validity of old notes and difficulty accessing cash fueled a hoarding mentality that continues to this day.

The CBN has previously acknowledged the issue, citing “high volume withdrawals” from banks and “panic withdrawals” by customers.

It also warned banks and merchants against hoarding cash. However, despite these efforts and the suspension of fees on large cash deposits, Nigerians remain hesitant to return their money to the banking system.

https://thenationonlineng.net/nigerians-hoarding-94-percent-cash-says-cbn-report/

Back to this again😊

Plenty grammar.

Ever since that disastrous Emefiele naira confiscation policy, a lot of people stopped trusting banks to keep their money safe for access whenever they need it.

With the latest threat by OPay and possible threat from other banks on Cryptocurrency, we are totally back to CASH regime. People will never allow you to control them which is one of the reason cryptocurrency has become popular all over the world.

Now, people will transact in CASH and never use Bank as middleman again. Any cash that goes out won’t return to the Bank anymore.

When certificateless mandate thieves snatches & grab power these are the types of lies, deceit & propaganda that will be circulated into the public to absolve themselves fröm their incompetent cluelessness

You are the one who made a policy that Nigerians will stop receiving foreign currencies from oversseas in it's original denomination but in Naira in Nigeria

You regulated the Black market, licensing only your political business associates. You banned the usage of foreign currencies [dollars] in Nigeria

Despite all these emiloconomy gra gra you still dish out lies & propaganda against your own tinubulated policies to fool your gullible ers

You are crying & blaming everyone living & non living after grabbing, snatching & running away with what does not belong to you

You are now blaming Nigerians for hoarding as if Nigerians just started existing after bulaba stole the mandate. Chai, what insult

The geographical expression is in disarray in the white substance hands of the worthless lagoon builder

dre11:




https://thenationonlineng.net/nigerians-hoarding-94-percent-cash-says-cbn-report/

Nlfpmod

Dem don start again oh...!!!

RockHard:
Ever since that disastrous Emefiele naira confiscation policy, a lot of people stopped trusting banks to keep their money safe.

You are still blaming Emiefele

Who else would you blame PO , Ipob , Obidients,, Igbos , SE , Biafra ,

I don't expect you to blame anyone else.

Afterall it is favouring you & your family

If you're seeing this, i want you to know that these people don't rate you. They don't give a single Bleep about your existence.

Brace up, for the storm that's ahead is monstrous and far bigger. If you're hoping that this government has anything good to offer or capable of taking you off the hook, you need to wake up. It will only get worst unless we come together and dislodge them.

Indeed, Buhari was a colossal failure, and i thought he was the most incompetent and clueless person ever, then here goes Tinubu who said "hold my beer."

Nowadays I mostly do cashless transactions & so is the case with most Nigerians. So where is this report coming from?

Ofcourse since the banks have refused to okay their role most of the cash are now in the hands of POS agents

Emefiole caused this, all his total assets must be sold and shared to Nigerians that were victims of his scams

GanagiBitrus:

Nowadays I mostly do cashless transactions & so is the case with most Nigerians. So where is this report coming from?

When last did you deposit cash in bank? Unless you are business owner, no one enter bank to deposit again. Instead, most deposit money through POS while POS agent gives to those withdrawing Cash.

I think this accusation is about taking POS operators off market. Until then, we can only observe.

Jagabanbattle:


When last did you deposit cash in bank? Unless you are business owner, no one enter bank to deposit again. Instead, most deposit money through POS while POS agent gives to those withdrawing Cash.

I think this accusation is about taking POS operators off market. Until then, we can only observe.

The CBN report is erroneous by accusing Nigerians of hoarding cash. The accusation should perhaps be directed specifically at PoS operators.

Why wont people be hoarding cash when the government and banking sector have decided to make people suffer unnecessarily imagine atm dispensing only 5k in Benin, tell me why i shouldn't hoard the next cash i get?

Be precise, politicians

Just call out the people involved please. Is it people who are on subsistence farming or receiving meagre 30k salary are holding such amount of cash? Is it also the Alaba and ladipo businessmen who are running their trades using bank ?


Biko call the thieving politicians and bureaucrats plus perm secretary who have no need for the money they're looting

LordIsaac:
Back to this again😊

I tire

Pls, there should help us check how much the president has siphon before and present

Hoarding it to do what,Abi naira wey dey depreciate don become dollars that is legal tender all over the world?all these dullards and lairs in government.all they do is feed the citizens will cheap gullible lies and those ones too will fall for it

dre11:



https://thenationonlineng.net/nigerians-hoarding-94-percent-cash-says-cbn-report/

Honestly speaking, this report makes me happy in the sense that it will serve as a wake up call for our policy makers to use their senses when introducing policies next time. This lack of trust was caused by Emefiele and Buhari.
Now, another one is happening with Tinubu and Cardoso by removing subsidies which is making our economy shrinking for the past eight months according to CBN

DatNiggaDaz:


You are still blaming Emiefele

Who else would you blame PO , Ipob , Obidients,, Igbos , SE , Biafra ,

I don't expect you to blame anyone else.

Afterall it is favouring you & your family

You read the report at all? The distrust people now have was caused by Emefiele, that's what this report pointed out. Sorry if it hurts you

una go blame sotay e go reach to blame unborn babies in nigeria
confused people

SalamRushdie:
Ofcourse since the banks have refused to okay their role most of the cash are now in the hands of POS agents

Jagabanbattle:


When last did you deposit cash in bank? Unless you are business owner, no one enter bank to deposit again. Instead, most deposit money through POS while POS agent gives to those withdrawing Cash.

I think this accusation is about taking POS operators off market. Until then, we can only observe.

Very much correct. POS guys are the ones taking large percentage of naira out of the atm to distribute to the citizens at a fee

maasoap:


You read the report at all? The distrust people now have was caused by Emefiele, that's what this report pointed out. Sorry if it hurts you

Is it not still your APC government?
Or is it LP you want to blame?
Emefiele was a card carrying member of the demonic party, so it's the same pack of wolves

CrossRhodes:

Is it not still your APC government?
Or is it LP you want to blame?
Emefiele was a card carrying member of the demonic party, so it's the same pack of wolves

Why is mentioning of Emefiele now hurting you? I guess it has to do with association by tribe/region

maasoap:


You read the report at all? The distrust people now have was caused by Emefiele, that's what this report pointed out. Sorry if it hurts you

maasoap:


Why is mentioning of Emefiele now hurting you? I guess it has to do with association by tribe/region

I'm not from edo by the way, he isn't my tribesman nor from my region

Try again with another useless cap

The govt should take the blame in all of this. No individual can print money, and no individual can regulate the money in circulation. When the CBN is ready to carryout its primary function it will do it.

Last year's cashless policy reduced trust Nigerians have on banks in keeping their deposit.
A situation whereby you could not easily access your savings in the bank.

Now cbn is blaming Nigeria

The Thing APC cannot blame doesn't exist