Currency-in-Circulation Down N271.858bn YTD In May, Says CBN

With the nation’s general elections over, latest data by the Central Bank of Nigeria (CBN) shows that currency outside of Nigerian bank vaults continues to shrink, even if gradually. The apex bank reported a slight N46.85bn or 2.17% drop currency-in-circulation month-on-month across the country as of May 30, 2019.
Currency-in-circulation, representing the value of money outside of bank vaults, as noted on the CBN website, stood at N2.111tr as at May 30, 2019, compared to N2.158tr in the corresponding period April.
On a Year-to-date basis, the apex bank data showed that the value of money circulating across the country dropped by N217.858bn or 9.35% from N2.329tr as at December 31, 2018.
Year-on-Year, it dropped by N181.153tr or 9.38% from N1.93tr on May 30, 2018, and is the lowest since December 31, 2018.
Meanwhile, the apex bank says reserve (base) money jumped to N7.948tr from N7.246tr, representing a rise of about N701.976bn or 9.68%, out which total banks’ reserves stood at N5.444tr in April, up from N4.748tr in March. Of this amount, banks reserves was N5.444tr and currency in circulation at N2.158tr, compared to prior month’s N4.748tr and N2.153tr respectively.