Currency-In-Circulation Dropped By N184.597bn In January, Says CBN

The Central Bank of Nigeria (CBN), on Friday released data for Currency-In-Circulation, an estimate of the value of the nation’s banknotes outside of its formal banking system, which showed a drop by N184.597 billion from N2.179 trillion at the end of December 2016.
At N1.994 trillion in January 2017, currency-in-circulation fell by 8.47% fall from its level after the last Christmas and New Year festivities.
The January 217 figure, nonetheless represented an increase of about N269.449 billion or 15.61% year-on-year from the N1.725 trillion recorded in January 2016; which had also dropped from N1.857 trillion in the corresponding period of 2015.
The January 2017 figure was also higher than the N1.857 trillion recorded last November, according to the CBN data, in addition to being the highest level (besides that of last December) in years.
Apart from the latest decline, a further review of the apex bank’s data showed that currency-in-circulation had been on a regular and consistent increase since July 2016.
In the six months between July-end and December last year, the quantum of cash outside of the nation’s banking system soared by N514.676 billion or 30.92%, from N1.664 trillion.

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