Nigeria’s Currency-in-Circulation Drops To N2.003tr In July

Latest data by the Central Bank of Nigeria (CBN) shows a further but marginal squeeze in the currency-in-circulation across the country during the month of July.
The figure which stood at N2.003tr during the month, dropped by about N11bn from N2.014tr reported for the period ended June 28, 2019, representing a further N108.758bn or 5.15% decline from N2.111tr in the month of May.
Year-to-Date, the figure has however dropped by N326.616bn or 14.02%, from N2.329tr as of December 31, 2018, its peak in the past eight months according to data available on the CBN website.
Currency-in-Circulation in July, however, represented a year-on-year increase by N178.264bn or 9.77% from N1.824tr reported at the end of July 2018.