Nigeria Currency In Circulation Rises By N11.38bn In One Month –
The Total currency in circulation in Nigeria rose to N2.3 trillion as of April 30 from N2.29 trillion on March 31, 2020.
Data obtained from the Central Bank of Nigeria, CBN, on Thursday indicated a rise of about N11.38 billion in the period under review.
The currency in circulation had earlier dropped by N61billion from N2.24 trillion as of the end of January 2020 to N2.18 trillion at the end of February 2020.
According to the CBN, the figure which stood at N2.05 trillion as of October ending 2019 rose to N2.44 trillion by December 31, 2019.
The apex bank stated, “Currency-in-circulation at end-November 2019 rose by 9.9 per cent to N2.2 trillion, in contrast to the decline of 0.4 per cent at end of third quarter 2019.
“The development, relative to the level in the preceding quarter reflected mainly the increase in its currency outside banks component and seasonal factors.”
It added that the total deposits at the CBN amounted to N14.35 trillion at end-November 2019, indicating an increase of 3.6 per cent above the level at end of third quarter of 2019.
The rise was attributed to 14.3 per cent and 3.1 per cent increase in the deposits of the Federal Government and the commercial banks respectively.
