Currency In Circulation Falls First Time In Five Months

THE total amount of currency-in-circulation in the country dropped from N2.6tn (N2,603,266m) as of the end of June 2023 to N2.59tn (N2,595,761m) as of the end of July 2023.

This is the first time the figure has dropped since February 2023.

Figures obtained from the Central Bank of Nigeria showed this represents a drop of N7.51bn in one month.

Currency-in-circulation is defined as currency outside the vaults of the central bank; that is, all legal tender currency in the hands of the general public and in the vaults of the Deposit Money Banks, according to the apex bank.

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Currency in circulation falls first time in five months