According to the CBN, the figure, which stood at N15.81tn as of the end of January, rose to N16.17tn as of the end of February.
It defined currency in circulation as currency outside the vaults of the central bank; that is, all legal tender currency in the hands of the general public and in the vaults of the Deposit Money Banks. It said for every withdrawal made by a DMB at one of CBN’s branches, an increase in the CIC was recorded, adding that for every deposit made by a DMB at one of CBN’s branches, a decrease in the CIC was recorded.
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