According to the Central Bank of Nigeria (CBN), the money in circulation increased by 6.2% from N2.97 trillion in October to N3.15 trillion in November 2021.
In November 2021, currency in circulation reached the milestone N3 trillion mark as bank customers withdraw actual cash over the festive season.
In terms of year-to-date and year-on-year growth, the currency in circulation increased 11% and 18%, respectively.
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The currency in circulation fell to N2.78 trillion in August, down from N2.81 trillion in July. It was N2.74 trillion in June and N2.79 trillion in May. In April, it was N2.79 trillion, up from N2.8 trillion in March, It amounted to N2.78trillion and N2.83trillio in February and January respectively.
According to the CBN, the currency in circulation increased by N465.47 billion, or 19.06 percent, from N2.44 trillion in 2019 to N2.91 trillion in 2020.
To protect public trust and maintain the quality of circulation notes in the economy, the apex bank established and announced a clean note policy and banknote fitness requirements in 2018.
“In 2020, there were higher withdrawals by DMBs than deposits, due to the panic need to hold cash to deal with the emergencies and reduced banking hours due to restrictions to curb spread of the pandemic,” the CBN said.
The apex bank said it developed and unveiled a clean note policy and banknote fitness guidelines in 2018 to preserve public trust and maintain the quality of circulated notes in the economy.
The recommendations lay forth a plan for quarterly and yearly activities to guarantee that this goal is met.
According to the apex bank, the policy requires all newly created and current banknotes to meet set standards before being circulated and re-circulated in the economy. (TVC)
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