N2.44trn Currency in Circulation in 2019

• N2.44trn Currency in Circulation in 2019

The total currency in circulation grew from N2.2 trillion in the month of November to N2.44 trillion in December 2019, a recent data from the Central Bank of Nigeria has revealed.

In October, the currency in circulation was N2.05 trillion before surging by 9.9 percent to N2.2 trillion in November.

“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.”

The report also shows that the total amount deposited with the CBN at the end of November was N14.35 trillion, representing an increase of 3.6 percent when compared with the level recorded in the third quarter of the same year.

The apex bank attributed the increase to 14.3 percent and 3.1 percent surge in the total deposits of the Federal Government and the Commercial banks, respectively.

Breaking down the deposits, the Federal Government, banks and private sector deposits were 47.4 percent, 35.9 percent and 16.7 percent, respectively.

Accordingly, reserve money rose by 5 percent to N7.35 trillion at the end of November 2019, higher than the 13.5 percent decrease recorded by the end of the third quarter of 2019.