Naira in circulation up to N3.15tn in November -CBN

The Central Bank of Nigeria (CBN) has disclosed that the currency in circulation grew by 6.2 per cent from N2.97trillion in October to N3.15 trillion in November 2021.

Currency in circulation hits the historical N3trillion mark in November 2021 as banks customers withdraw physical cash amid the festive period.

The currency in circulation in its Year-till-Date and Year-on-Year gained 11per cent and 18 per cent respectively.

The apex bank on its official website reported N2.84 trillion currency in circulation for the month of September.

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

It amounted to N2.78trillion and N2.83trillio in February and January respectively.

According to the CBN, the currency in circulation had increased by N465.47 billion or 19.06 per cent, from N2.44trillion 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 the spread of the pandemic,” the CBN 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.

The guidelines provide a blueprint of quarterly and yearly activities to ensure that this objective was achieved.

According to the apex bank, the policy provides that every newly printed and existing banknotes should measure up to predefined standards before circulation and re-circulation in the economy. (ThisDay)