THE CURRENCY IN CIRCULATION IN NIGERIA ROSE BY NGN701.4TN IN ONE MONTH TO HIT NGN1.6TN IN MARCH 2023 AFTER THE CENTRAL BANK OF NIGERIA REVERSED ITS POLICY ON THE NAIRA REDESIGN. ACCORDING TO THE CBN, THE CURRENCY IN CIRCULATION IN THE COUNTRY HAD DIPPED BY 235.03 PERCENT TO NGN982.09BN AT THE END OF FEBRUARY FROM NGN3.29TN AT THE END OF OCTOBER 2022, . THE CBN GOVERNOR DECLARED THE CHALLENGES ASSOCIATED WITH CURRENCY MANAGEMENT, INCLUDING THE HOARDING OF BANKNOTES BY MEMBERS OF THE PUBLIC, WITH STATISTICS SHOWING THAT OVER 80% OF CURRENCY-IN-CIRCULATION WAS OUTSIDE COMMERCIAL BANKS’ VAULTS.
Leave A Comment