Currency outside banks rises by 0.70% to N1.90trn in April —CBN


LATEST data from the Central Bank of Nigeria (CBN) has shown that the currency outside banks rose by 0.70 per cent in April to N1.90 trillion as Demand Deposits increased by 5.57 per cent to N9.68 trillion,

Similarly, Nigerian savers gave their banks a total of N8.6 trillion to keep in various demand deposit accounts across the country by end of March.

The surplus cash left in the vaults of the banks is being linked to a quiet month in which activities and spending were tempered by a ravaging coronavirus (COVID-19) pandemic that had created fear and panic and consequently led to a lockdown of the economy whereby access to banking halls and facilities was strained.

The 25 banks…

Source: Nigerian Tribune