Due to the Central Bank of Nigeria’s naira redesign strategy, the amount of currency in circulation in the nation decreased from N3.29 trillion at the end of October 2022 to N1.38 trillion by the end of January 2023.
Latest data collected from the CBN revealed a decrease of N1.91 trillion over the past three months.
The CBN set out to reduce the amount of money in circulation when it announced its naira redesign strategy in October, among other goals.
Yet, the Naira scarcity crisis was brought on by the policy’s implementation.
The federal government has been urged by the Center for the Promotion of Privation Enterprise (CPPE) to inject additional funds into the banking sector in order to alleviate the currency crisis that Nigerians are now going through.
This information was provided to media by the CEO, Dr. Muda Yusuf, in response to the shortage of the naira during Saturday’s Presidential and National Assembly Elections.