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.