Currency in circulation hits N1.86trn in August 



The Central Bank of Nigeria (CBN) has said currency in circulation appreciated to N1.86 trillion in August 2017, 5.6 per cent increase over N1.76 trillion in July.

The N1.86 trillion currency in circulation is the third lowest, after N1.76 trillion in July and N1.87 trillion in June as the apex bank continued to mop up excess liquidity in a bid to reduce money supply in the nation’s economy.

The currency in circulation, which is the physical money used for transactions between consumers and businesses, had opened 2017 at N1.99 trillion and closed in February at N1.97 trillion.

Currency in circulation, at N1.99 trillion, fell by 8.5 per cent from N2.22 trillion in 2016.

CBN reported said N1.98 trillion N1.97 trillion was in circulation in March and April respectively, indicating CBN’s consistent mop up of liquidity in the system.

The data on CBN website revealed that currency in circulation moved to N1.89 trillion in May.

The CBN economic report for May stated that, “Currency in circulation, at N1.89 trillion, fell by 3.9 per cent in the review month, compared with the 0.4 per cent decline at end April 2017.

“This was due to the 5.4 per cent fall in its currency outside banks component,” the report by CBN explained.