According to the latest Central Bank of Nigeria (CBN) numbers, currency outside banks increased to N2.26 trillion at the end of June 2023.
According to CBN data, the currency outside banks increased by 185.68% (N1.47tn) between January 2023 (N792.18bn) and June 2023 (N2.26tn). The country’s currency in circulation increased by 87.05 percent (N1.21 trillion) from N1.39 trillion in January 2023 to N2.6 trillion in June 2023.
It had previously fallen by 235.03 percent to N982.09bn at the end of February from N3.29tn at the end of October 2022, according to the CBN’s naira redesign strategy. According to CBN figures, N2.3tn was removed from circulation during the time under consideration.
“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.
