Nigeria’s Currency In Circulation Rises By N29bn

Related stories

G7 vs. the World: GDP, Population, and Military Strength

Key Takeaways G7 countries represent 28.4% of global GDP...

US drillers cut oil and gas rigs for 10th week in a row, Baker Hughes says

U.S. energy firms this week cut the number of...

Tinubu Mourns, Pays Tribute to Legendary Super Eagles Goalkeeper Peter Rufai

By Abiola Olawale President Bola Ahmed Tinubu has expressed profound...

Natasha vs Akpabio: Court Orders Senate President To Recall Senator Natasha

Warns Natasha Against inappropriate Conduct By Abiola Olawale The Federal...

Nigeria’s Currency in circulation (CIC) hits N2.81 trillion in March 2021, rising by N29 billion from the N2.78 trillion recorded in February.

This was contained in the latest figures obtained from the official website of the Central Bank of Nigeria (CBN).

According to the figures, March recorded the highest CIC since December 2020. The CIC had been declining from N2.9 trillion recorded in December 2020 to N2.83 trillion recorded in January. The CIC further declined to N2.78 trillion in February.

However, in March, the CIC rose by N29 billion although it is largely distant from N2.9 trillion recorded in December 2020.

According to the CBN, the CIC is the monies outside the vaults of the apex bank, in other words, it is the legal tender currency in the hands of the general public and in the vaults of the Deposit Money Banks in Nigeria.

The CBN also stated that the CIC figures are obtained from accounting, statistics, withdrawals and deposit records across the country.

The approach monitors every withdrawals made by the Deposit Money Bank from the CBN.

However, further analysis by the CBN showed that the large proportion of the CIC in March, was held by the general public.

This is coming on the heels of the report of the Nigeria Bureau Statistics (NBS) which revealed that the inflation index of Nigeria rose by 18.17% (year on year) in March 2021, while the food inflation index rose by 22.95% in March 2021.

Abiola Olawale
Abiola Olawale
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
US drillers cut oil and gas rigs for 10th week in a row, Baker Hughes saysExclusive! Tinubu Tips Late Ajimobi's Wife, Florence, Others for Ambassadorial PostsTinubu Mourns, Pays Tribute to Legendary Super Eagles Goalkeeper Peter RufaiNatasha vs Akpabio: Court Orders Senate President To Recall Senator NatashaHadi Sirika Denies Defection to ADC Coalition Rumors, Reaffirms Loyalty to Buhari, APCChina Snubs U.S. Crude for Third Month, Even as Ethane Trade RestartsHow Super Eagles Icon Peter Rufai passed Away at 61Dakuku Peterside’s Beneath the Surface Book Out in OctoberOil Prices Dip on Confirmation of Inventory BuildBuhari In Stable Condition - Ex-Aide ConfirmsBREAKING: Ex-President Buhari sick, hospitalised abroad2027: Abure, Usman Clash Over Peter Obi’s Rising Profile in ADC CoalitionMTN’s Dabengwa Tier III Cloud Data Centre: A New Era for West African Tech and AIGanduje: Why are they resigning?OPEC Reports a Global Oil Production Decline in 2024
X whatsapp