Currency In Circulation Increases To N2.7 Trillion, Says CBN

Currency in circulation in Nigeria jumped by N1.7 trillion to N2.7 trillion following the rise in cash transactions.

A figure obtained from the Central Bank of Nigeria’s data on CIC on Thursday disclosed that the currency in circulation hit N2.7 trillion as of 31st August 2023.

Recall that the currency in circulation fell to N982.1 billion as of the end of February 2023 as a result of the controversial naira redesign policy of the apex bank.

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After the Naira redesign imposed crisis, the country’s currency maintained a steady rise when the policy ended, and cash earlier withdrawn from circulation to drive e-payments was returned to the economy.

The currency in circulation in the country had dipped by 235.03 percent to N982.1 billion at the end of February from N3.29 trillion at the end of October 2022 amid the naira redesign policy of the CBN.

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

The development comes as the Central Bank of Nigeria postponed its September 293rd Monetary Policy Committee meeting indefinitely.