Figures obtained from the Central Bank of Nigeria indicates that currency in circulation in the country jumped by N701.4tn in one month to hit N1.6tn in March, 2023 after the Central Bank of Nigeria reversed its policy on the naira redesign.
According to the CBN, 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.
As at end of February, the currency in circulation in the country dipped by 235.03 per cent to N982.09bn from N3.29tn at the end of October 2022, due to the naira redesign policy of the CBN
Figures obtained from the CBN revealed that N2.3tn was mopped up from circulation during the period under review.
Writing by Julian Osamoto