Currency-in-Circulation Reduces To N 1.544 trillion
Recent data retrieved from the website of the Central Bank of Nigeria, CBN, on Sunday, September 27 revealed that currency-in-circulation plunged by N264.68 billion from N1.808 trillion on March 31, 2015 to N 1.544 trillion on August 31, 2015.
According to the apex bank, currency-in-circulation stood at N 1.548 trillion on September 30, 2014 soared to N 1.797 trillion on December 31, 2014.
The figure, however, dipped to N 1.661 trillion January 31, 2015 before reducing further to N 1.622 trillion on February 28, 2015.
In 2015, currency-in-circulation attained its peak of N 1.808 trillion in the month of March, as it slid to N 1.692 trillion on April 30, 2015 and N 1.562 trillion on June 30, 2015.
The drop in currency circulating outside the banks, when compared with previous month’s, however came at a time when the CBN’s Monetary Policy Committee (MPC) was yet to slash the Cash Reserve Ratio (CRR) on government deposits from 30 to 25 per cent.