Naira in circulation drops by 5.6% to N1.77trn- CBN


The Central Bank of Nigeria (CBN) has disclosed that Naira currency in circulation dropped by 5.6 per cent to N1.77 trillion in July 2017.

The Naira in circulation continued to drop in 2017 following the apex Bank intensive effort to mop liquidity in the economy to reduce inflation and sustain its stability.

Naira in circulation according to CBN in June was N1.87 trillion from N1.897 trillion reported in May this year while it was at N1.98 trillion in April.

CBN early in the year disclosed that currency in circulation was N1.99 trillion, the highest so far this year and Inflation rate by National Bureau of Statistics (NBS) has since dropped to 16.1 per cent as at June from 18.72 per cent in January.

Before now, the CBN said N2.2trillion currency was in circulation for month ended December 2016, increase of about 14.3 per cent from N1.9 trillion reported by CBN in November.

Naira in circulation started increasing from July to N1.66 trillion as against N1.68 trillion recorded in August the prior year.