New data by the Central Bank of Nigeria (CBN), on Tuesday, showed that the value of currency outside of bank vaults in the country fell to its lowest in the seven months since November 2018 in the month of June 2019.
Curiously, data on the CBN’s website showed that unlike in other months when the figures are given as of month-end, currency in circulation stood at N2.104tr, on June 28, 2019, representing N97.775bn or 4.63% decline from the N2.111tr recorded on May 31.
The June figure, representing the second month-on-month decline, represented a year-on-year drop of N113.402bn or 5.96% from the N1.9tr recorded on June 28, 2018.
The latest figure also represents N227.24bn drop from the year’s N2.241tr peak achieve in February, the peak of Nigeria’s Presidential election season.
The drop may not, however, be unconnected with the non-implementation of the country’s Federal budget which is being delayed by the absence of a cabinet almost eight months into the year and five months after President Muhammadu Buhari was elected for a second and final four-year term.