Politics
Nigerian Central Bank Reports N4.1 Trillion Currency In Circulation, Just 6% Held In Banks
Nigerian Central Bank Reports N4.1 Trillion Currency In Circulation, Just 6% Held In Banks....KINDLY READ THE FULL STORY HERE▶
Data from the Central Bank of Nigeria (CBN) indicates that the amount of currency in circulation has reached an unprecedented N4.1 trillion as of August 2024…….CONTINUE READING
The report further highlights that currency outside of banks increased to N3.86 trillion during this period, signifying that 93.34% of the nation’s currency is held by individuals and businesses, while only 6.66% remains within the banking sector.
This trend underscores a significant challenge for Nigeria’s formal banking system. Despite initiatives aimed at promoting financial inclusion and cashless transactions, a substantial portion of the country’s money supply continues to operate outside regulated financial channels.
According to Daily Trust, the data shows a steady increase in currency in circulation, rising from N4.05 trillion in July to N4.1 trillion in August, as reported in the Apex Bank’s Money and Credit Statistics. The CBN noted that this surge marked a record high, with the currency in circulation increasing by 11.05% since the beginning of the year and showing a remarkable 56.17% rise compared to the same period in 2023.
An analysis of the data reveals that the year started with N3.65 trillion in circulation in January 2024, a typical figure for the post-holiday economic climate. February saw a slight increase to N3.69 trillion, reflecting a 1.18% rise from January. March recorded a more substantial leap to N3.87 trillion, with a month-on-month increase of 4.76%.
The upward trend continued in April, with currency in circulation reaching N3.92 trillion, up 1.39% from March, largely due to increased consumer spending during the Easter period. May and June also followed this trajectory, with the currency in circulation hitting N3.97 trillion in May and peaking at N4.04 trillion in June, which represented monthly increases of 1.07% and 2.11%, respectively.
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