Currency in circulation now N982bn in February from N3.29tn – CBN
Nigeria Currency in Circulation, CIC, dip by 235.03 per cent to 982.09 Billion at di end of February 2023 from 3.29 trillion wey dey announced by di Central Bank of Nigeria in October 2022 on top di Naira redesign Policy matter.
Di latest figures from di apex bank show say di 2.3 trillion dey withdrawn from circulation from October 2022 to February 2023.
One of di justifications CBN give for di cashless Policy implementation na because of too much cash in circulation, wey lead to di redesigning of N200, N500, and N1000.
FOR MORE NEWS: Lagos election: I’m really sorry – DJ Switch tells Igbos
Di policy implementation cause serious naira scarcity and prolonged hardship for Nigerians until supreme Court ruling authorize old notes and dem validate acceptance till December 31.
According to di CBN, di currency in circulation move from N3.16tn to N3.29tn and N1.38tn in November 2022, December 2022 and January 2023, respectively.
Nigeria Currency in Circulation dey defined as currency outside di central bank vaults; that is, all legal tender currency for di hands of di public and for di vaults of di Deposit Money Banks.
You fit go read di full tori…READ MORE
