Posted by Amarachi on Mon 31st Jul, 2023 - tori.ng
Figures showed that the currency outside banks rose by 185.68 per cent (N1.47tn) between January 2023 (N792.18bn) and June 2023 (N2.26tn).
The Central Bank of Nigeria has confirmed that at the end of June 2023, the currency in circulation outside banks in the country rose to N2.26tn.
Figures obtained by Punch showed that the currency outside banks rose by 185.68 per cent (N1.47tn) between January 2023 (N792.18bn) and June 2023 (N2.26tn).
It had earlier dipped by 235.03 per cent (N982.09bn) at the end of February from N3.29tn at the end of October 2022, on the back of the Naira redesign policy of the CBN.
The apex bank said it employed ‘accounting/statistical/withdrawals and deposits approach’ to compute the currency in circulation in Nigeria.
The CBN said;
“Currency-in-circulation is defined as currency outside the vaults of the central bank; that is, all legal tender currencies in the hands of the public and in the vaults of the Deposit Money Banks.”