BREAKING: Currency in circulation falls to N982 billion as CBN mops up N2 trillion from public

Nigeria’s currency in circulation fell to a record low of N982 billion in February 2022 down from N1.39 trillion recorded in January 2023, representing the lowest level since November 2008.

This is according to data obtained from the Central Bank of Nigeria (CBN). The total amount mopped up since the policy to remove old naira notes from circulation is an estimated N2 trillion in two months. The total currency in circulation as of December 2022 was just over N3 trillion.

The decline followed the CBN’s aggressive monetary policy to phase out old currency notes and introduce limited new notes into the economy.

This is a developing story….

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