Latest figures from the Central Bank of Nigeria indicate that the currency outside banks rose to N2.26tn at the end of June 2023.
According to the CBN, the currency outside banks rose by 185.68 per cent (N1.47tn) between January 2023 (N792.18bn) and June 2023 (N2.26tn).
It had earlier dipped by 235.03 per cent to N982.09bn at the end of February from N3.29tn at the end of October 2022, on the back of the naira redesign policy of the CBN.
Figures obtained from the CBN revealed that N2.3tn was mopped up from circulation during the period under review.
“Currency-in-circulation is defined as currency outside the vaults of the central bank; that is, all legal tender currencies in the hands of the public and in the vaults of the Deposit Money Banks,” according to CBN.
The CBN stated that it employed the ‘accounting/statistical/withdrawals and deposits approach’ to compute the currency in circulation in Nigeria.