Despite the Central Bank of Nigeria’s (CBN) monetary tightening, Nigeria’s currency in circulation surged to an all-time high of N3.97 trillion in May 2024, a N314.6 billion increase year-to-date. This rise represents a 1.07% month-on-month increase from April and a 56.93% year-on-year increase from May 2023. Analysts attribute this surge to growing distrust in the banking system and increased government spending amid economic hardship. Inflation remains a critical concern, with the rate soaring to 33.69% in April 2024. The CBN has raised the Monetary Policy Rate to a historic 26.25% to combat inflation, reflecting a determined effort to address economic pressures while facing one of the slowest growth rates in West Africa.