The amount of currency in circulation in the country dropped from N2.6trillion at the end of June 2023 to N2.59 trillion at the end of July 2023. The last time the currency in circulation dropped was in February this year at the peak of the naira redesign crisis. Figures obtained from the Central Bank of Nigeria (CBN) showed that there was a N7.51billion decrease in currency circulating within the country between June and July, 2023. The CBN defines currency-in-circulation as naira notes not with the-central bank but that is in the hands of the public or in deposit money banks. The CBN uses an accounting/statistical/withdrawals and deposits approach to track the movements of currency on a transaction-by-transaction basis. Before this round of decline in the volume of currency in circulation, the total amount of in circulation in the Nigeria fell from N3.29trillion at the end of October 2022 to N1.38 trillion at the end of January 2023 in anticipation of the introduction of new naira notes by the CBN.
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