The Central Bank of Nigeria (CBN) has announced a significant increase in banknote printing, approving the production of 5.71 billion new notes for the year 2025. This decision marks a 20.5% rise in banknote issuance, driven by a surge in cash demand that has pushed the total currency circulation in the country to N5.73 trillion. The scarcity of lower denomination notes, particularly the N100 and N200, has raised concerns among consumers and businesses alike. The CBN's move aims to address these shortages and stabilize the currency supply. As the economy continues to grapple with inflation and cash flow issues, the central bank's actions are seen as a necessary response to ensure adequate liquidity in the market. Stakeholders are closely monitoring the impact of this increase on the overall economy and consumer confidence.
NigeriaNewsFeed summary based on reporting from Legit.
Read full article
Continue on Legit
