February 19, 2018

There’s excessive cash in the economy —CBN by Oyetunji Abioye

There’s excessive cash in the economy —CBN by Oyetunji Abioye
Moghalu Source:http://www.africanglobe.net/wp-content/uploads/2013/08/Dr-Kingsley-Moghalu-speaking-at-the-Woodrow-Wilson-Center-in-Washington-DC.jpg

The Central Bank of Nigeria has said the nation runs a cash-based economy and this informed the central bank’s Cash-Lite Policy which aims to reduce the amount of cash in circulation.

The Deputy Governor, Operations, CBN, Dr. Kingsley Moghalu, who said this in Lagos during a seminar on cashless Nigeria, stated that the amount of cash in circulation as of 2011 was 41 per cent of the nation’s Gross Domestic Product. He said the nation’s GDP as of 2011 was less than $400bn.

This, he said, was in sharp contrast to Indonesia’s which has only 4.3 per cent of its $800bn GDP as the amount of cash in circulation.
Read more:http://www.punchng.com/business/money/theres-excessive-cash-in-the-economy-cbn/

InnJoo Reborn



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