According to a Central Bank of Nigeria, CBN document which was sighted by The PUNCH, the currency in circulation fell by a whopping 53.3 percent within the period in review thus revealing how much the scarcity has hit millions of Nigerians.
This has further led to crises across several states with banks getting burnt and other financial products like Automated Teller Machines, (ATMs) getting destroyed.
As of October 31, 2022, a few weeks before the CBN started enforcing the naira redesign policy, the currency in circulation stood at N3.3 trillion and as of January 31, 2023, which is about 3 months later, the currency in circulation dropped to N1.54 trillion.
Recall the apex banking regulator had also announced withdrawal limits for bank customers as it aimed to mop up the excess cash in circulation and also, reduce the threatening inflation which has been on a steady rise.
The apex bank also noted that it aimed to take control of the N2.73 trillion out on the streets from the N3.23 trillion outside the CBN vaults, by mopping up all cash from the economy, both within the vaults of banks and in the hands of citizens.
The maximum cash withdrawal over-the-counter (OTC) by individuals and corporate organisations was reduced to N100,000 and N500,000 per week respectively.
For ATMS, the CBN pegged the maximum cash withdrawal per week at N100,000 with customers restricted to a maximum of N20,000 cash withdrawal per day.
For Point of Sale (POS) terminal, withdrawal was limited to N20,000 daily.
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