There is an increase in the amount of cash outside banks in Nigeria and there is just one adage that describes the situation.
“There are many things a man will never pray to experience in his lifetime asides war.”
You see, one of such is the inability to provide for the family because there is no money to cater to their needs.
Access to cash at the latter part of 2023 became a challenge just like it was experienced at the beginning of the same year.
Many Nigerians may never be able to forgive the suspended Central Bank governor, Godwin Emefiele.
They say he enacted insensitive policies he adopted that almost destroyed and turned some families to beggars.
The situation had degenerated because they were not able to access their money in the bank, a situation that almost repeated itself in the ember months of 2023.
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Though, currency in circulation surged by 21.37% to ₦3.35 trillion in November 2023, it failed to ease the cash crunch Nigerians were faced with.
Data shows that when Yemi Cardoso assumed office as CBN governor, in September 2023, currency in circulation increased.
The currency in circulation rose from ₦2.76 trillion recorded in September 2023 to ₦3.35 trillion in November 2023.
It also revealed that cash outside banks increased by 27.80% to ₦3.08 trillion in November 2023, from ₦2.41 trillion in September 2023.
Festive Period Cash Crunch
Reacting to the cash crunch, the CBN told Nigerians that there was enough cash in the banking system during November 2023, urging against panic withdrawals.
During the period, Nigerian banks struggled to meet customer withdrawal demands, leading to operational challenges.
Customers could not withdraw more than ten thousand naira in a day from the bank.
What followed were reports of cash scarcity in banks, ATMs, Points of Sale, and Bureaux de Change (BDCs) in major cities nationwide.
Therefore, one cannot but wonder where the currency went that made it difficult for banks to disburse to their customers.
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Experts believe it is not enough to only say that there was enough currency in circulation when the reality says otherwise.
The CBN should stop playing with the life and likelihood of Nigerians.
