Following the naira redesign policy of the Central Bank of Nigeria (CBN), the currency in circulation in the country dipped by a 235.03 per cent to N982.09 billion at the end of February from N3.29 trillion at the end of October 2022.
Figures obtained from CBN revealed that N2.3 trillion was mopped up from circulation during the period under review.
According to the CBN, the currency in circulation moved from N3.16 trillion to N3.29 trillion and N1.38 trillion in November 2022, December 2022 and January 2023 respectively.
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 public and in the vaults of the Deposit Money Banks.
The CBN stated that it employed the “accounting/statistical/withdrawals and deposits approach” to compute the currency in circulation in Nigeria.
This approach involves tracking the movements of currency in circulation on a transaction-by-transaction basis.
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