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HomeCapital MarketCurrency in circulation rises to N2.26trn – CBN

Currency in circulation rises to N2.26trn – CBN

Currency outside banks rose to N2.26 trillion at the end of the first half 2023.

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

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

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It was recalled that on the heels of 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.

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

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

 

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