As a result of the Central Bank of Nigeria’s naira redesign strategy, the amount of currency in circulation in the country decreased by 235.03 percent, from N3.29 trillion at the end of October 2022 to N982.09 billion.
The CBN claims that between November 2022 and January 2023, the amount of money in circulation changed from N3.16 trillion to N3.29 trillion and N1.38 trillion, respectively.
The CIC was recorded, adding that for every deposit made by a DMB at one of the CBN’s branches, a decrease in the CIC was recorded. The CBN’s Governor, Godwin Emefiele, had announced plans to redesign the old N200, N500, and N1,000 notes in October 2022.
