Central Bank of Nigeria Reports on Cash for 2020

The Central Bank of Nigeria (CBN) has made progress in 2020 with introducing and updating new systems to help with its cash management, according to its recently published annual report on cash operations.

It has also rationalised its sorting systems to simplify their maintenance and operations. While cash in circulation has risen, CBN’s indent has fallen sharply and cash distribution has been a challenge. At the same time, counterfeiting has also fallen.

CBN has a busy agenda for 2021.

Currency issue

The volume and value of cash in circulation in Nigeria rose 11% and 19% respectively, with withdrawals exceeding deposits.

This demand was driven by the pandemic and as a response to Deposit Money Banks (DMBs) reducing their opening hours. The four highest value denominations – the 100, 200, 500 and 1,000 naira (₦) – represented 63% of the number of notes ordered.