CURRENCY IN CIRCULATION WAS N982 BILLION, DOWN FROM N3.29 TRILLION IN JANUARY

Nigeria's Currency in Circulation, CIC, fell by 235.03 percent to 982.09 billion at the end of February 2023, down from the 3.29 trillion declared by the Central Bank of Nigeria in October 2022, following the Naira Restructuring Policy.

The latest figures from the apex bank showed that 2.3 trillion had been withdrawn from circulation from October 2022 to February 2023.

One of the justifications CBN gave for its cashless Policy implementation was because of too much cash in circulation, which led to the redesigning of N200, N500, and N1000.

According to the most recent data from the central bank, 2.3 trillion dollars were removed from circulation between October 2022 and February 2023.

One of the reasons given by the CBN for implementing its cashless policy was an excess of cash in circulation, which resulted in the redesign of the N200, N500, and N1000 notes.

The policy execution resulted in acute naira scarcity and extended misery for Nigerians, until the government reversed course and authorized the use of old notes in accordance with the Supreme Court's order legalizing their use until December 31.

According to the CBN, the currency in circulation will increase from N3.16 trillion to N3.29 trillion to N1.38 trillion in November 2022, December 2022, and January 2023, respectively.

Currency in circulation is defined as currency outside the vaults of the central bank; that is, all legal tender currency in the hands of the people and in the vaults of the Deposit Money Banks.