Economy

Despite Lockdown, Nigeria’s Currency Outside Bank Vaults Up By N120.51bn In Two Months

The latest data by the Central Bank of Nigeria (CBN), says the nation remains awash with cash despite the lockdown, as measured by currency-in-circulation, which tracks the amount of cash outside of bank vault.

According to figures on the website of the CBN on Tuesday, May 19, 2020, currency-in-circulation at the end of April stood at N2.306tr, representing an increase by N120.511bn, or 5.51% in two months from N2.185tr.

Between February and March, according to a breakdown, the value of cash in circulation climbed by N109.122bn or 4.99% from N2.185tr to N2.294tr; before slowing down between March and April, the thick of the Coronavirus pandemic lockdown, to an N11.389bn or 0.49% rise.

Year-to-date, currency outside of bank vaults rose by N64.578bn or 2.87% over the N2.248tr reported for the month of December 2019; just as the April figure represents the highest so far.

Year-on-year, currency in circulation at the end of April represented an increase by N147.536bn or 6.83% over the N2.158tr reported in the corresponding period of last year.

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