Nigeria’s currency in circulation is lowest in 15 years
Its naira redesign policy has led to frustrations as businesses and households struggle to access their cash at banks to make daily transactions.
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Naira redesign: N200 constitutes 9.2% of seven-year currency in circulation
In the seven years reviewed, the lowest number of N200 notes was recorded in 2015 when 401.63 million pieces were put into circulation. This year, N1000 and N500 have had the highest volumes in circulation, with 1.011 billion and 1.322 billion pieces, respectively.
CBN’s excess cash claim not supported by data
The Central Bank of Nigeria (CBN) says that one of the many reasons for naira redesign is to mop up excess liquidity in the Nigerian economy.
#DailyDataCard: Nigeria’s Currency in Circulation (Oct 2022 – Jan 2023)
#DailyDataCard: Nigeria’s Currency in Circulation (Oct 2022 – Jan 2023)