The value of Nigeria’s currency in circulation has risen to N3.87tn at the end of March.
According to the latest money and credit statistics on the website of the Central Bank of Nigeria, the currency in circulation was N3.87tn, higher than N3.69tn in February and N3.65tn in January.
However, currency outside banks have also increased progressively during the first quarter, growing from N3.28tn in January to N3.41tn and N3.63tn in February and March, respectively. The data revealed that over 90 per cent of currency in circulation is held outside of the banking system, indicating Nigerians are holding more cash.
