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Currency-in-Circulation increases to N1.957tn

Currency-in-Circulation increases to N1.957tn

The total value of Currency-in-Circulation in Nigeria rose by N289 billion to N1.957 trillion at the end of April, the latest Money and Credit Statistics of the Central Bank of Nigeria (CBN) has shown.

According to the data, the Bank Reserves dropped to N4.229 trillion in April from N4.357 trillion, while the Currency-in-Circulation increased from N1.668 trillion recorded in March.

Currency-in-Circulation means the total value of currency (coins and paper currency) issued during a given period, minus the amount that has been removed from the economy by the central bank.

The apex bank data showed that the Broad Money (M2) comprising of demand deposits at commercial banks and monies held in easily accessible accounts increased from N24.303 trillion in the previous month to N24.520 trillion at the end of the April.

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However, banking sector credit to private sector dropped to N22.254 trillion in March compared to N22.443 trillion recorded in the preceding month.

Meanwhile, Narrow Money (M1), which is made up of physical monies such as coins and currency along with demand deposits and other assets held by the central bank reduced to N10.670 trillion in the month under review, as against N10.912 trillion recorded the previous month.

Also, the amount of Currency Outside Banks reduced to N1.599 trillion, down from the N1.668 trillion available outside banks at the end of March, 2018.

By Oluwasegun Olakoyenikan…

 

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