Currency-in-Circulation Drops By 3.94% In May, N281.25bn YTD

Data from by Central Bank of Nigeria (CBN) says currency-in-circulation in the month of May dropped by N77.895bn or 3.94%, standing at N1.897tr from previous month’s level, making it the most significant reduction in the value of currency outside of bank vaults in four months.
In January, currency outside of Nigerian banks dropped by N184.597bn or 8.47% from N2.179bn reported on the CBN’s website as of December 30, 2016; while in the following month it declined by N15.691bn or 0.78%; after which it rose by a marginal N4.747bn or 0.23% in March. By April, currency-in-circulation in the country dropped by N7.821bn or 0.39%; by sliding further in May.
Year-to-date, currency in circulation has declined by N281.257bn or 12.9%, in what may partly be attributed to ongoing efforts to shrink the nation’s informal sector by attracting more funds from outside of Nigerian banks.

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