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.