According To CBN, There Is N1.38tn Less Money In Circulation.

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Due to the Central Bank of Nigeria’s naira redesign strategy, the total quantity of currency in circulation in the nation decreased from N3.29 trillion at the end of October 2022 to N1.38 trillion by the end of January 2023.

The old N200, N500, and N1,000 notes will be replaced in October 2022, according to CBN Governor Godwin Emefiele.

Emefiele also gave Nigerians timelines for exchanging their old notes for new ones. From N2.74 trillion at the end of June 2022 to N2.81 trillion in July 2022, more money was in circulation.

Analysis of the currency in circulation, according to the apex bank, revealed that a significant and growing fraction of the naira was held by the general population outside of the commercial banking sector.

Punch

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