Cheque Transactions Down to N482.5bn in Two Months Low Naira Supply

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The total value of cheque transactions fell to N482.5 billion in the first two months of 2023, a decrease of 2.9% Year-on-Year (YoY) from N497.1 billion reported by the Nigeria Inter-Bank Settlement Systems (NIBSS) in the first two months of 2022 due to the naira shortage brought on by the Central Bank of Nigeria’s (CBN) currency redesign policy.

In particular, the NIBSS revealed that the total amount of cheque transactions decreased by 11.45% in 2019 to N4.13 trillion from N4.66 trillion.

The statistics also revealed enormous N238.7 trillion in NIBSS Instant Payments (NIP) transactions carried out electronically in the previous eight months, up 42.15% YoY from N167.893 trillion in the corresponding eight-month period of 2021.

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