• Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links
Saturday, July 19, 2025
  • Login
  • Register
9Ja Spectators
  • Home
  • Politics
  • Business
  • Education
  • Entertainment
  • Life
  • Tech
  • World News
No Result
View All Result
9Ja Spectators
  • Home
  • Politics
  • Business
  • Education
  • Entertainment
  • Life
  • Tech
  • World News
No Result
View All Result
9Ja Spectators
No Result
View All Result
Home Business

Worth of naira notes in circulation now N982bn – CBN

Reporter by Reporter
in Business, Headline
Reading Time: 3 mins read
A A
0
Worth of naira notes in circulation now N982bn – CBN
152
SHARES
Share on FacebookShare on TwitterShare on WhatsAppShare on Telegram

The currency in circulation in the country dipped by a 235.03 per cent to N982.09bn at the end of February from N3.29tn at the end of October 2022, on the back of the naira redesign policy of the Central Bank of Nigeria, PUNCH reports.

Figures obtained from the CBN revealed that N2.3tn was mopped up from circulation during the period under review.

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

RelatedPosts

Lecturer Reportedly Dies During S€*romp With 200-Level Student in Hotel

Makinde, Wife Honoured with Chieftaincy Titles in Akure Kingdom

Dabiri-Erewa Recalls How Buhari Once Debunked His Death, Cloning Rumour (VIDEO)

The Governor of the CBN, Godwin Emefiele, had in October 2022, announced plans to redesign the old N200, N500 and N1,000 notes.

Emefiele also announced deadlines for Nigerians to swap their old notes with the new notes.

The governor decried the challenges associated with currency management, including the hoarding of banknotes by members of the public, with statistics showing that over 80 per cent of currency-in-circulation was outside the vaults of commercial banks.

Other challenges, he added included a shortage of clean and fit banknotes with an attendant negative perception of the CBN and increased risk to financial stability and increasing ease and risk of counterfeiting evidenced by several security reports.

In the last few years, the CBN has recorded significantly higher rates of counterfeiting, especially in regard to the higher denominations of N500 and 1000 notes, he said.

At the expiration of the deadline for the old notes, due to the scarcity of the new naira notes, which subjected Nigerians to hardship, the President, Major General Muhammadu Buhari (retd) approved the continued use of the old N200 as legal tender till April 10.

However, after some state governments sued the Federal Government over the naira redesign policy, the Supreme Court in its ruling on March 3 extended the legal tender status of the old N200, N500, and N1,000 notes to December 31.

On Tuesday, 10 days after the Supreme Court judgement, the CBN officially ordered commercial banks to comply with the court verdict.

According to the CBN, 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 public and in the vaults of the Deposit Money Banks.

The CBN stated that it employed the “accounting/statistical/withdrawals and deposits approach” to compute the currency in circulation in Nigeria.
This approach involved tracking the movements of currency in circulation on a transaction-by-transaction basis.

It said for every withdrawal made by a DMB at one of CBN’s branches, an increase in the CIC was recorded, adding that for every deposit made by a DMB at one of CBN’s branches, a decrease in the CIC was recorded.
The transactions are all recorded in the CBN’s CIC account, and the balance on the account at any point in time represents the country’s currency in circulation.

The apex bank said analysis of the currency in circulation showed that a large and increasing proportion of the naira outside the commercial banking system was held by the public who hoard a lot of the new banknotes.

Tags: 9jaspectatorsNaira notes Currency in circulation now N982bn – CBNspectatorsng
Previous Post

Senator Binani may emerge first female governor in Adamawa

Next Post

Dotun Sanusi to organise victory party for Makinde Tuesday at Ilaji

Related Posts

Headline

Obasanjo, Buhari, Yar’Adua Captured in Rare Moment of Prayer for Slain Head of State Murtala Mohammed

by Reporter
Remembering Buhari and Idiagbon: A Tale of Discipline, Vision, and Patriotism in Nigeria’s Troubled Times
Headline

Remembering Buhari and Idiagbon: A Tale of Discipline, Vision, and Patriotism in Nigeria’s Troubled Times

by Reporter
Headline

MEMORY LANE: Rare Image Shows Young Buhari Serving on the War Front During Nigerian Civil War

by Reporter
Next Post
Dotun Sanusi to organise victory party for Makinde Tuesday at Ilaji

Dotun Sanusi to organise victory party for Makinde Tuesday at Ilaji

Leave a ReplyCancel reply

Lecturer Reportedly Dies During S€*romp With 200-Level Student in Hotel

Lecturer Reportedly Dies During S€*romp With 200-Level Student in Hotel

by Reporter
0

Dr. Olabode Abimbola Ibikunle, a lecturer at Prince Abubakar Audu University (formerly Kogi State University), Anyigba, has reportedly passed away...

Makinde, Wife Honoured with Chieftaincy Titles in Akure Kingdom

Makinde, Wife Honoured with Chieftaincy Titles in Akure Kingdom

by Reporter
0

Governor of Oyo State, Engr. 'Seyi Makinde, and his wife, Mrs. Tamunominini Makinde, have been conferred with prestigious chieftaincy titles...

Dabiri-Erewa Recalls How Buhari Once Debunked His Death, Cloning Rumour (VIDEO)

Dabiri-Erewa Recalls How Buhari Once Debunked His Death, Cloning Rumour (VIDEO)

by Reporter
0

The Chairman of the Nigerians in Diaspora Commission (NIDCOM), Hon. Abike Dabiri-Erewa, on Friday, July 18, took to her official...

Moment Shagari Arrives in London to Begin Historic Four-Day State Visit in 1981 (VIDEO)

Moment Shagari Arrives in London to Begin Historic Four-Day State Visit in 1981 (VIDEO)

by Reporter
0

●Queen Elizabeth, Lady Diana, Thatcher Welcome Nigerian President Nigerian President Alhaji Shehu Shagari arrived at Victoria Train Station in London...

No Result
View All Result
  • Home
  • Politics
  • Business
  • Education
  • Entertainment
  • Life
  • Tech
  • World News

© 2023 SpectatorsNG

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In