The poor implementation of the cashless policy introduced by the Central Bank of Nigeria (CBN), left many Nigerians in a very dark place.
In its efforts to sanitise the system, the CBN mopped up what it called excess cash in circulation.
However, the apex bank refused to pump it back after the sanitisation and this left Nigerians wanting.
However, the Central Bank of Nigeria (CBN), recently revealed that currency in circulation (CIC) in the country rose to ₦1.68 trillion at the end of March 2023.
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This was as it stated that its special intervention reserves currently stands at ₦419 billion.
Currency In Circulation
Currency-in-circulation has been defined as amount of money outside the vaults of the central bank; that is, all legal tender currency in the hands of the public and in the vaults of the Deposit Money Banks (DMBs).
The currency in circulation in the country dipped by 235.03% to ₦982.09 billion at the end of February from ₦3.29 trillion recorded at the end of October 2022, on the back of the naira redesign policy.
Moreover, data obtained from the CBN’s website revealed that the CIC grew by 71% in one month to stand at ₦1.68 trillion as against ₦982.09 billion recorded in the previous month.
