Business

We Have Enough Cash In Circulation, Says CBN

Published

2 years ago

December 13, 2023

The Central Bank of Nigeria has assured Nigerians that it has enough cash in circulation.

This assurance is coming amid cash scarcity being experienced in some parts of the country.

The CBN had earlier attributed the scarcity to the hoarding of the naira noted by some persons due to challenges experienced during the naira redesign project.

The apex bank’s Acting Director in charge of Corporate Communications, Mrs Hakama Ali, gave the latest assurance in a chat with newsmen in Abuja, on Wednesday.

Ali disclosed that the CBN is monitoring the situation and had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks.

“The CBN has adequate cash to meet the day-to-day transaction needs of Nigerians.

‘We appeal to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the yuletide and beyond,” she said.

She added that as of February 2023, there was about N1 trillion in circulation in the country, while that figure had risen to over N3.4 trillion as of December 11, 2023.

This, according to her, indicated that there is sufficient cash in circulation, except that the notes are in the hands of individuals who are apprehensive due to their previous experiences.

While the CBN empathised with Nigerians over their previous and current experiences, it insisted that it had adequate cash to meet the day-to-day transaction needs of Nigerians.

The CBN therefore, appealed to Nigerians to be patient while it does the needful to ensure the availability of cash, particularly during the yuletide and beyond.

While also urging Nigerians to continue to accept all Naira banknotes for their daily transactions, the apex bank reiterated its earlier call to the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash.

Business

14 Nigerian Banks Yet To Meet CBN’s Recapitalization Deadline [FULL LIST]

Published

9 hours ago

January 9, 2026

Editor

With barely eleven weeks to the Central Bank of Nigeria’s (CBN) recapitalisation deadline, fourteen banks are yet to meet the requirement.

This comes as DAILY POST reports that 19 Nigerian banks had met the apex bank’s recapitalisation requirements as of January 6, 2025.

The banks that have complied with the CBN’s minimum capital benchmark include Access Bank, Fidelity Bank, First Bank, GTBank (GTCO), UBA, Zenith Bank, and twelve others.

However, as of the time of filing this report, fourteen Nigerian banks are yet to comply.

The banks that have not met the apex bank’s recapitalisation requirement include First City Monument Bank (FCMB), Unity Bank, Keystone Bank, Union Bank (Titan), Taj Bank, Standard Chartered Bank, Parallex Bank, and SunTrust Bank.

Others are FBH Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Alternative Bank, and other non-interest banks.

Meanwhile, financial experts have predicted possible mergers and acquisitions ahead of the March 31 deadline.

Business

Naira Extends Appreciation Against US Dollar

Published

23 hours ago

January 8, 2026

Editor

The naira extended appreciation against the dollar at the official foreign exchange market on Wednesday.

The Central Bank of Nigeria’s data showed that the Naira further firmed up on Wednesday to N1,418.26 per dollar, up from N1,419.07 exchanged on Tuesday.

Wednesday’s uptrend represents a slight N0.80 gain against the dollar on a day-to-day basis.

Meanwhile, at the black market, the Naira remained unchanged against the dollar at N1,480 per dollar on Wednesday, the same rate recorded the previous day.

The development comes as Nigeria’s foreign reserves further rose to $45.62 billion as of January 6th, 2026.

Recall that on Tuesday, the Naira posted a N10.24 gain against the dollar.

Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

3 days ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.