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According to the latest data from the Central Bank of Nigeria (CBN), currency outside banks surged to N2.26tn at the end of June 2023.
The figures obtained by The PUNCH from the CBN indicate that currency outside banks increased by 185.68 per cent, equivalent to N1.47tn, between January 2023 (N792.18bn) and June 2023 (N2.26tn).
Additionally, currency in circulation in the country rose by 87.05 per cent, amounting to N1.21tn, from N1.39tn in January 2023 to N2.6tn in June 2023.
It’s noteworthy that in February, the currency in circulation experienced a dip of 235.03 per cent, dropping to N982.09bn at the end of February from N3.29tn at the end of October 2022. This decline was influenced by the naira redesign policy implemented by the CBN.
The data further reveals that during the reviewed period, N2.3tn was mopped up from circulation.
According to the CBN, “Currency-in-circulation” is defined as currency outside the vaults of the central bank, including all legal tender currencies in the possession of the public and in the vaults of the Deposit Money Banks.
To compute the currency in circulation in Nigeria, the CBN employs the “accounting/statistical/withdrawals and deposits approach.”
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