CBN Begins Mop Up Of N3.23tr To Tackle Inflation

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CBN Begins Mop Up Of N3.23tr To Tackle Inflation

The Central Bank of Nigeria, CBN has began a mop up of N3.23trillion to tackle inflation.

The Nation Reports that the Central Bank of Nigeria (CBN) will in the next 100 days mop up N3.23 trillion from circulation to tackle rising inflation.

CBN Governor Godwin Emefiele made the announcement during a special briefing in Abuja.

He said that of the N3.23 trillion cash in circulation as of September 2022, N2.73 trillion is outside the vault of banks.

Emefiele said both the funds within and outside the banking system will be mopped up from today till January 31, 2023 to the CBN’s vault to control rising inflation.