CBN: Currency in Circulation drops by N37.94 billion (February 2022)

Recent data from the money and credit report of the Central Bank of Nigeria (CBN) has shown that currency in circulation in Nigeria fell by N37.94 billion in February to N3.25 trillion compared to N3.29 trillion recorded as of January 2022.

This represents a 1.2% decline on a month-on-month basis, while when compared to the corresponding period of 2021, it increased by 16.95% compared to N2.78 trillion as of February 2021.

Nigeria’s currency circulating in the economy has recorded significant growth since the Central Bank maintained its dovish monetary approach as a means to ensure the recovery of the nation’s economy, following the recession recorded in 2020, caused by the covid-19 pandemic.

The several intervention policies pushed currency in circulation to its highest level in history in December 2021.

However, it has recorded a decline in two consecutive months, dropping by N37.13 billion in January and N37.84 billion in February 2022.

Source: Nairametrics