Currency in circulation rises to N2.39tn

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Currency in circulation rose by N95.13bn from N2.29tn at the end of June to N2.39tn in July, according to the latest statistics obtained from the Central Bank of Nigeria on Thursday.

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The CBN data showed that currency in circulation, which stood at N2.3tn in April, rose slightly to N2.35tn as of the end of May.

The report said, “The development, relative to the level in the preceding quarter, reflected mainly the decline in currency outside depository corporations and the fall in vault cash, owing to the increase in Cash Reserve Ratio by the bank. Currency in circulation is defined 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, according to the apex bank.

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