Total currency in circulation in Nigeria hits N2.26tn – CBN

CBN
CBN

Total currency in circulation in Nigeria hits N2.26tn – CBN

The Central Bank of Nigeria (CBN) has reported that the total currency in circulation at the end of June 2023 reached N2.26tn, based on the figures made available.

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According to the apex bank, there has been a significant rise in the currency outside banks, witnessing a remarkable increase of 185.68 per cent (N1.47tn) between January 2023 (N792.18bn) and June 2023 (N2.26tn).

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The currency outside the banks saw an impressive growth of 87.05 per cent (N1.21tn) from N1.39tn in January 2023 to N2.6tn in June 2023.

The reported figures showed a notable decrease of 235.03 per cent to N982.09bn at the end of February from N3.29tn at the end of October 2022. This dip was attributed to the implementation of the naira redesign policy of the CBN that was in operation at that time.

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During the period under review, data obtained from the CBN by Punch revealed that a total of N2.3tn was mopped up from the circulation.

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The CBN defines “currency-in-circulation” as currency outside the vaults of the central bank, encompassing all legal tender currencies in the hands of the public and in the vaults of the Deposit Money Banks.

The CBN stated that it employed the ‘accounting/statistical/withdrawals and deposits approach’ to calculate the currency in circulation in Nigeria.

This data provides insights into the state of the Nigerian economy, reflecting changes in currency movements and the CBN’s efforts to regulate and manage the currency flow within the country. As the nation continues to evolve economically, monitoring currency circulation remains a crucial aspect for policymakers and stakeholders.

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