THE currency in circulation rose by N418bn from N2.91tn in December, 2020, to N3.33tn in December, 2021, according to figures obtained from the Central Bank of Nigeria.
The CBN data showed that currency in circulation had increased by 19.06 per cent from N2.44tn recorded as of December, 2019.
The CBN said in its report on currency operations that, “the growth in CIC reflected the continued dominance of cash in the economy.”
The report further read in part, “Analysis of the CIC shows that a greater proportion was in higher denomination banknotes (N100, N200, N500 and N1000).
The higher denomination banknotes together accounted for 63.47 per cent and 98.08 per cent of the total CIC, in terms of volume and value, respectively.
