Nigeria: Currency in circulation rose to N2.26trn

The currency in circulation outside banks in Nigeria rose to N2.26 trillion at the end of June 2023, the Central Bank of Nigeria has confirmed.

This is according to the Central Bank of Nigeria’s recent Money and Credit Statistics.

The currency outside banks rose from N982.09 billion at the end of February to N2.26 trillion in June 2023.

The Naira redesign policy implementation, the currency in circulation dipped to N982.09 billion at the end of February from 3.2 trillion in December 2022.

The recent figure showed that N2.3 trillion had been mopped up from circulation in the period under review.

It had earlier dipped by 235.03 per cent (N982.09bn) at the end of February from N3.29tn at the end of October 2022, on the back of the Naira redesign policy of the CBN.

The apex bank said it employed ‘accounting/statistical/withdrawals and deposits approach’ to compute the currency in circulation in Nigeria.

The CBN said,“Currency-in-circulation is defined as currency outside the vaults of the central bank; that is, all legal tender currencies in the hands of the public and in the vaults of the Deposit Money Banks.”