Currency in Circulation Dropped To N2.18trn In February

Currency in circulation dropped by N61bn from N2.24tn as of the end of January 2020 to N2.18tn at the end of February 29, 2020.

Latest figures obtained from the Central Bank of Nigeria on Monday revealed that the figure which stood at N2.05tn as of the end of October 2019 rose to N2.44tn at the end of December 2019.

The apex bank stated that, “Currency-in-circulation at end-November 2019, rose by 9.9 per cent to N2.2tn, in contrast to the decline of 0.4 per cent at end of third quarter 2019.

“The development, relative to the level in the preceding quarter reflected, mainly the increase in its currency outside banks component and seasonal factors.”

It added that the total deposits at the CBN amounted to N14.35tn at end-November 2019, indicating an increase of 3.6 per cent above the level at end of third quarter of 2019.

The rise was attributed to 14.3 per cent and 3.1 per cent increase in the deposits of the Federal Government and the commercial banks, respectively.

Of the total deposits at the CBN, it stated that the shares of the Federal Government, banks and private sector deposits were 47.4 per cent, 35.9 per cent and 16.7 per cent, respectively.

It added that reserve money grew by 5.0 per cent to N7.35tn at the end of November 2019, in contrast to the decrease of 13.5 per cent at the end of third quarter of 2019.

The development reflected an increase in Federal Government and banks’ deposits with the Central Bank of Nigeria, it added.