The Central Bank of Nigeria (CBN) has recently disclosed that currency outside banks soared to N2.26tn by the end of June 2023, indicating an impressive 185.68% increase (N1.47tn) since January 2023 when it stood at N792.18bn.
During the same period, currency in circulation in the country witnessed a remarkable 87.05% surge (N1.21tn), rising from N1.39tn in January 2023 to N2.6tn in June 2023. It is worth noting that there was a temporary dip earlier, dropping by 235.03% to N982.09bn at the end of February from N3.29tn at the close of October 2022, largely attributed to the naira redesign policy of the CBN.
In an effort to maintain financial stability, the CBN reported mopping up N2.3tn from circulation during the review period. The CBN defines “currency-in-circulation” as all legal tender currencies held by the public and within the vaults of Deposit Money Banks, excluding the central bank’s vaults. The computation of currency in circulation in Nigeria is conducted using the ‘accounting/statistical/withdrawals and deposits approach,’ as stated by the CBN.
Nigerian crossdresser, Okuneye Idris Olanrewaju, popularly known as Bobrisky, has become embroiled in a scandal following revelations about his brief…
Governor Chukwuma Soludo of Anambra State has introduced free education for all students in public primary and secondary schools across…
The Federal Government has unveiled plans to rejuvenate six national museums as part of efforts to safeguard Nigeria’s cultural heritage.…
The Economic and Financial Crimes Commission (EFCC) has filed fresh charges against former Kogi State Governor, Yahaya Bello, accusing him…
The value of foreign exchange turnover in Nigeria's Autonomous Foreign Exchange Market surged to N15.74tn ($9.90bn) in August 2024, according…
The Academic Staff Union of Universities (ASUU) has issued a 14-day ultimatum to the Nigerian government under President Bola Tinubu,…