Nigeria’s total currency in circulation rose by over one trillion naira in one year, hitting N5.007trillion in the first half of the year, marking a 25 per cent increase year-on-year (YoY) from N4.04 trillion recorded in June 2024, analysis of the money and credit statistics data for June released by the Central Bank of Nigeria has shown.
Though the statistics showed a dip from the month of May, the currency in circulation data has changed since the beginning of the year
But it has seen a steady climb from the beginning of the year as the data suggestedDaily Trust explains that currency in circulation is the amount of cash–in the form of paper notes or coins–within a country that is physically utilized to make transactions between consumers and companiesIt symbolizes the money that has been issued by the country’s monetary authority, minus currency that has been taken from the system
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