The Deputy Governor, Financial System Stability, Central Bank of Nigeria, Aisha Ahmad, has said the amount spent on maintaining the naira has increased by N10bn annually.
The deputy governor highlighted the various challenges facing currency management, which had affected the ability of the CBN to efficiently carry out its mandate of issuing legal tenders.
“An observation supported by statistics shows that cash outside banks consists of over 80 per cent of the currency in circulation; worsening shortage of fit banknotes in circulation. This portends negative public perception of the bank and increasing threat to financial system stability.
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