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Currency Circulation in Nigeria rises by N11.38bn in one month

The total currency in circulation in Nigeria rose to N2.3tn as of April 30 from N2.29tn on March 31, 2020.

Latest statistics obtained from the Central Bank of Nigeria on Thursday indicated a rise of about N11.38bn in the period under review.

The currency in circulation had earlier dropped by N61bn from N2.24tn as of the end of January 2020 to N2.18tn at the end of February 2020.

According to the CBN, the figure which stood at N2.05tn as of October ending 2019 rose to N2.44tn by December 31, 2019.

The apex bank stated, “Currency-in-circulation at end-November 2019 rose by 9.9 per cent to N2.2tn, 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 N14.35tn 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.

Of the total deposits at the CBN, it stated that the shares of the Federal Government, banks and private sector deposits were 47.4 per cent, 35.9 per cent and 16.7 per cent respectively.

It added that reserved money grew by 5.0 per cent to N7.35tn at the end of November 2019, in contrast to the decrease of 13.5 per cent at the end of third quarter of 2019.

The development reflected an increase in the Federal Government and banks’ deposits with the CBN, it added.

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