The Central Bank of Nigeria, in its recent report, stated that the currency in circulation increased by N418 billion from N2.91 trillion in December 2020 to N3.33 trillion in December 2021.
According to its data, money in circulation increased by 19.06 percent in December 2019 from N2.44 trillion.
The currency operations report of the CBN stated that the expansion in CIC (Currency in Circulation) indicated the ongoing dominance of cash in the economy.
The report also stated that "Analysis of the CIC suggests that a bigger fraction was in higher denomination bills (N100, N200, N500, and N1000)."
It continued, "In terms of volume and value, larger denomination banknotes accounted for 63.47 percent and 98.08 percent of total CIC, respectively."
"As of end-December 2020, the volume of lesser denomination banknotes (N5, N10, N20, N50) accounted for 28.43% of total CIC and 1.92% in terms of value."
The report went further to state that electronic payment methods were launched with the primary goal of lowering the quantity of naira notes used in transactions, rather than eliminating cash usage.
Finally, the CBN concluded that cashless transactions utilizing e-payments will assist in boosting convenience, providing additional service alternatives, lowering the risk of cash-related crimes, and enabling cheaper access to (out-of-branch) banking services and credit.
|Currencies||Buy Rate||Sell Rates|
|USD - NGN||415.23||416.23|
|EUR - NGN||457.42||458.52|
|GBP - NGN||547.98||549.30|