The currency in circulation in Nigeria surged by N1.7 trillion to reach N2.7 trillion due to increased cash transactions, according to data from the Central Bank of Nigeria. As of August 31, 2023, the amount of currency in circulation was N2.7 trillion.
It’s worth noting that this increase follows a significant drop in circulation to N982.1 billion in February 2023 due to the controversial naira redesign policy.
After the policy ended, cash previously withdrawn from circulation to promote electronic payments was reintroduced into the economy.
This shift caused the country’s currency to steadily rise again, bouncing back from the 235.03% dip it experienced in February, when it had decreased from N3.29 trillion in October 2022.
During this period, the CBN withdrew N2.3 trillion from circulation. Additionally, it’s important to mention that the Central Bank of Nigeria has indefinitely postponed its Monetary Policy Committee meeting scheduled for September 293rd.
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