The official currency of Nigeria is the Naira.
Currency in circulation dropped by N10bn from N2.81tn as of the end of March to N2.8tn as of the end of April, latest statistics from the Central Bank of Nigeria showed on Monday.
According to figures from the CBN, the figure dropped by N50bn in February from N2.83tn as of January to N2.78tn as of the end of February. It had earlier dropped by N70bn in January from N2.9tn as of December 2020.
According to the CBN, currency in circulation rose from N2.5tn as of the end of October to N2.66tn in November.
The CBN defined currency in circulation as currency outside the vaults of the apex bank; that is, all legal tender currency in the hands of the general public and in the vaults of the Deposit Money Banks.
The apex bank stated that it employed the “accounting/statistical/withdrawals & deposits approach” to compute the currency in circulation in Nigeria.
This approach involved tracking the movements in currency in circulation on a transaction by transaction basis.
Punch