Currency in circulation climbs N2.26trn — CBN

By Sodiq Adelakun

The latest figures from the Central Bank of Nigeria revealed that currency outside banks rose to N2.26trillion at the end of June 2023.

According to figures obtained from CBN, the currency outside banks rose by 185.68 per cent (N1.47tn) between January 2023 (N792.18billion) and June 2023 (N2.26trillion).

It was gathered that currency in circulation in the country rose by 87.05 per cent (N1.21trillion) from N1.39trillion in January 2023 to N2.6trillion in June 2023.

Recall that it dipped by 235.03 per cent to 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.

Meanwhile, figures obtained from the CBN revealed that N2.3trillion was mopped up from circulation during the period under review.

“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,” according to CBN.

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