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Tuesday, May 17, 2022

Currency in circulation rises 6.2% to N3.15 trln in Nov ~CBN

The total money in circulation in the country increased by 6.2 percent to N3.15 trillion in November 2021 compared with N2.97 trillion in the previous month, the Central Bank of Nigeria (CBN) said in its latest report.

The currency in circulations crossed the N3 trillion mark in the month of November as Nigerians withdraw cash in preparation for the yuletide festive season.

According to the CBN, the currency in circulation increased 18 percent in the 12 month to November 2021 while it grew by 11 percent between January and November this year.

READ ALSO: Lagos Assembly increases state’s 2022 budget to N1.76 trln

To earn public trust and maintain the quality of circulation notes in the economy, the regulatory bank established a clean note policy and banknote fitness requirements in 2018.

“In 2020, there were higher withdrawals by DMBs than deposits, due to the panic need to hold cash to deal with the emergencies and reduced banking hours due to restrictions to curb spread of the pandemic,” the CBN said in its November report.

The bank said it developed and unveiled a clean note policy and banknote fitness guidelines in 2018 to preserve public trust and maintain the quality of circulated notes in the economy.

The policy requires all newly created and current banknotes to meet set standards before being circulated and re-circulated in the economy.

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