Latest data by the Central Bank of Nigeria (CBN), on Tuesday showed that currency-in-circulation (that is, outside of bank vaults) dropped significantly year-to-date from N2.157tr by December 31, 2017, a period usual associated with the festivities of the Christmas and New Year to N1.937tr at the end of February 2018.
This means the figure dropped by N219.892bn or 10.19% within the two-month period, which was more than the drop in the comparable period of last year when it fell by N200.288bn or 9.19% from N2.179tr at the end of December 2016 to N1.978tr in February 2017.
Month-on-Month, currency-in-circulation fell by N8.1bn or 0.42% from N1.945tr; just as it dropped by N41.549bn or 2.09% year-on-year, from the level in February 2017.