Currency In Circulation Hits ₦3.33trn In 2021- CBN

The Central Bank of Nigeria (CBN) has disclosed that the total Currency in Circulation (CIC) in the country in 2021 was ₦3.33 trillion.

Naija News reports that the country’s apex bank made this known in its money and credit report published on its website over the weekend.

The CBN said the all-time high increase represents a ₦418 billion increase compared to ₦2.91 trillion as of December 2020 and also a 19.06 percent rise from ₦2.44 trillion in 2019.

According to the apex bank, the growth in the total currency in circulation reflected the continued dominance of cash in the economy, adding that a greater proportion was in higher denomination banknotes.

The report reads “The growth in CIC reflected the continued dominance of cash in the economy.

“Analysis of the CIC showed that a greater proportion was in higher denomination banknotes (N100, N200, N500 and N1000).

“The higher denomination banknotes together accounted for 63.47 per cent and 98.08 per cent of the total CIC, in terms of volume and value, respectively.

“The volume of lower denomination banknotes (₦5, N10, N20, N50), accounted for 28.43 per cent of the total CIC and 1.92 per cent, in terms of value as at end-December 2020.”

According to the CBN, the currency in circulation is the total amount of physical cash represented in paper or coins used to conduct transactions in Nigeria.

It also represents the cash that has been issued by the CBN net that has also been taken out or the cash in the vault of commercial banks ready to be paid out to customers seeking to withdraw money.