The total currency in circulation at the end of June 2023 hit N2.26tn according to figures made available by the Central Bank of Nigeria (CBN).
According to the apex bank, the currency outside banks rose by 185.68 percent (N1.47tn) between January 2023 (N792.18bn) and June 2023 (N2.26tn).
It was further learnt that the currency outside the banks rose by 87.05 per cent (N1.21tn) from N1.39tn in January 2023 to N2.6tn in June 2023.
This follows the earlier dip in figures by 235.03 per cent to N982.09bn at the end of February from N3.29tn at the end of October 2022, due to the naira redesign policy of the CBN that was operational at that time.
Figures obtained from the CBN by Punch revealed that N2.3tn was mopped up from circulation during the period under review.
“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 employed the ‘accounting/statistical/withdrawals and deposits approach’ to compute the currency in circulation in Nigeria.