CBN shows rise in value of Nigeria’s currency in circulation to 3.87trillion naira at end of March

The value of Nigeria’s currency in circulation has risen to 3.87trillion naira at the end of March.

According to the latest money and credit statistics on the website of the Central Bank of Nigeria, the currency in circulation was 3.87trillion naira, higher than 3.69trillion naira in February and 3.65trillion naira in January.


However, currency outside banks have also increased progressively during the first quarter, growing from 3.28trillion naira in January to 3.41trillion naira and 3.63trillion naira in February and March, respectively.

The data revealed that over 90 per cent of currency in circulation is held outside of the banking system, indicating Nigerians are holding more cash.

In their personal statements, one of the members of the Monetary Policy Committee of the CBN at their March meeting, Muhammad Abdullahi, posited that the apex bank had identified high currency outside banks as one of the monetary drivers of the country’s inflation.

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