The Central Bank of Nigeria has stated that the value of currency held by the public climbed to N2.26tn by the end of June 2023.
According to CBN data obtained by The PUNCH, the currency outside banks increased by 185.68% (N1.47tn) between January 2023 (N792.18bn) and June 2023 (N2.26tn).
It was also revealed that the country’s currency in circulation increased by 87.05 percent (N1.21 trillion) from N1.39 trillion in January 2023 to N2.6 trillion in June 2023.
It had previously fallen by 235.03 percent to N982.09bn at the end of February from N3.29tn at the end of October 2022, owing to the CBN’s naira redesign policy.
“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,” according to CBN.
The CBN stated that it used an accounting/statistical/withdrawals and deposits approach to calculate the amount of Nigerian currency in circulation.
