Despite Scarcity, Bank Customers Withdrew N364bn Cash in One Month [Video]

• According to a recent CBN report, Nigerian customers withdrew N364.38 billion in cash from banks in November 2024
• In the same November 2024, the country had the highest figure for money outside banks and total currency in circulation
• These figures are indicative of a losing war against the cash-dominated economy that Nigeria is

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience and a deep understanding of Nigeria’s corporate sector and emerging trends in the fintech space.

Nigerian bank customers withdrew N364.38 billion in cash from banks in November 2024.

This finding is contained in the Money and Credit Statistics recently released by the Central Bank of Nigeria.

The report also shows that in the same month, money outside the banks grew 8.5%, from N4.29tn in October to N4.65tn in November 2024. Total currency in circulation also grew 7.5% from N4.55 trillion in October to N4.88 trillion in November 2024.