The Central Bank of Nigeria (CBN) has disclosed it readiness to pull out up to N1 trillion from circulation in a bid to stabilise the economy.

Already, N525 billion has been pulled out less than one week after the policy which seeks to tighten money supply, while additional N219 billion is slated to be pulled out next week


http://www.leadership.ng/news/514901/cbn-withdraw-n1trn-circulation

This is to mob excess cash flow in d economy.
No cause for alarm, since it is a kind of regulation. It is done when there is much circulating naira in the economy xo as to stabilise it as they already put it.

I hope govt will put box for us to put the money at the petrol stations

The economy will be literarily dehydrated.


Deflation is the economic term, as it is now, we don't have enough naira in circulation hence the present hardship.


To my secondary school economics knowledge

How does that even work in the first place, as in, how does mopping up excess cash stabilise the economy? And what constitutes excess cash?