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Political spendings, others push currency in circulation to all-time high of N3.3trn

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Currency in circulation has hit an all-time high of N3.31 trillion, thanks to heavy spendings ahead of political parties’ primary elections

This is according to the Central Bank of Nigeria (CBN) ‘Money and Credit Statistics’ obtained from its website on Monday.

A breakdown shows CIC grew from N3.24 trillion in March 2022 to N3.31 trillion in April 2022.

Read also:Bankers in search of dollars go after parties’ delegates, as Naira crashes to new low

Currency in circulation has been on the increase in 2022, and when the current data is compared to N3.29 trillion at the start of the year over 0.62 per cent or N20.5 billion has been added to the economy.

Analysis on a Year-on-Year (YoY) shows an 18.13 per cent increase from N2.79 trillion it was April 2021.

Also, currency outside the banking sector moved to N2.78 trillion in April 2022, an increase of about 0.03 per cent or N771 million from N2.779 trillion CBN reported in January 2022.

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