Digital payments push fails to deter demand for cash in Nigeria

(L) Nigerian President Muhammadu Buhari and (R) Central Bank governor Godwin Emefiele launching the e-Naira, which aimed to increase digital payments. — Nigeria State House/AP

Cash in circulation in Nigeria rose to a record in October despite a push by authorities to engender cashless transactions and control money supply in Africa’s most populous nation.

The amount of naira notes and coins circulating in the economy increased 4.6% to 3tril naira (RM30.89bil) in October from the previous month, according to the Central Bank of Nigeria data. Broad money supply, or M2, surged to a record 41.4tril naira (RM42bil) in the same month.