Currency Outside Banks (CoB) fell month-on-month (MoM) by N27.5 billion or 0.55 percent to N3.6 trillion in April from N3.627 trillion in March 2024.
The Central Bank of Nigeria (CBN) Money and Credit data for March released yesterday also showed that this was the first decline in CoB this year as it has been on the rise since January 2024 after it fell by 4.37 percent to N3.28 trillion from N3.43 trillion in December 2023.
However, currency-in-circulation (CIC) increased MoM by 1.5 percent to N3.92 trillion in April from N3.86 trillion in March.
The decline in CoB may be indicative of controversy around the availability of cash in the banks, with bank customers lamenting about limited cash withdrawals in banks and Automated Teller Machines, ATMs. Some Point of Sale (PoS) operators have also complained of their inability to access cash in banks and have resorted to other sources or do away with the little they have and close for the day.
