Currency in circulation rises to N2.35trn Naira


Despite lockdown introduced to contain the spread of COVID-19 in the country, huge cash transactions in the economy had continued to rise as currency in circulation rose to N2.35tn in May.

Statistics obtained from the Central Bank of Nigeria on Monday showed that the figure, which stood at N2.29tn as of the end of March, rose to N2.3tn as of the end of April.

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.

According to the apex bank, analysis of the currency in circulation showed that a large and increasing proportion of the Nigerian currency outside the commercial banking system was held by the general public who hoard a lot of the new banknotes.

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