Home Business Currency In Circulation Hits N2.97trn In October, Says CBN

Currency In Circulation Hits N2.97trn In October, Says CBN

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The Central Bank of Nigeria (CBN) said the currency in circulation rose by 4.58per cent from N2.84trillion in September to N2.97trillion in October.

This amounted to a N129billion increase, according to figures from the apex bank, recently released.

In August, the currency in circulation had fallen to N2.78triilion from N2.81tn in July. In June, it was N2.74trillion and in May, N2.79trillion. It stood at N2.79trillon in April and N2.8tn in March.

It amounted to N2.78triilon and N2.83tn in February and January respectively.

According to the CBN, the currency in circulation had increased by N465.47billion or 19.06 per cent, from N2.44trillio in 2019 to N2.91trillion in 2020.

“In 2020, there were higher withdrawals by DMBs than deposits, due to the panic need to hold cash to deal with the emergencies and reduced banking hours due to restrictions to curb spread of the pandemic,” the bank said.

The apex bank said it developed and unveiled a clean note policy and banknote fitness guidelines in 2018 to preserve public trust and maintain the quality of circulated notes in the economy.

 

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