Nigeria’s currency in circulation has risen to N2.60 trillion in June 2023, representing the highest in the year.
According to the latest data from the Central Bank of Nigeria (CBN), the figure rose by 88 per cent from N1.39 trillion in January to N2.60 trillion in June 2023.
The amount of currency in circulation in Nigeria fluctuated in the first half of 2023. In January, it stood at N1.39 trillion and fell to N982,097 billion in February.
However, currency circulation rose to N1.68 trillion in March. In April, May, and June, it increased to N2.48 trillion, N2.53 trillion, and N2.60 trillion, respectively.
The CBN had announced in October 2022 that it would be redesigning three of the existing banknotes: the N200, N500, and N1000 notes. The new notes were due to be circulated on December 15, 2022, while the old notes would remain legal tender until January 31, 2023.
The apex bank said it decided to redesign the banknotes because of concerns about the management of currency in circulation, particularly those outside the banking system.
The CBN had said currency management has faced several challenges in recent years, including counterfeiting, the use of cash for illegal activities, and the hoarding of banknotes by members of the public.
At the time the policy was introduced, the apex bank explained that over 80 per cent of the currency in circulation was outside the vaults of commercial banks.
However, the policy was met with widespread disapproval by Nigerians.
