Despite the Central Bank of Nigeria (CBN) monetary policy tightening, Nigeria's currency in circulation surged to an all-time high of N3.97 trillion in May 2024, resulting in a N314.6 billion increase year-to-date (YtD), according to statistics obtained from the CBN website.
Despite the Central Bank of Nigeria monetary policy tightening, Nigeria 's currency in circulation surged to an all-time high of N3.97 trillion in May 2024, resulting in a N314.6 billion increase year-to-date , according to statistics obtained from the CBN website.
According to CBN, currency in circulation stood at N3.87 trillion in March 2024, about 4.76 per cent MoM increase from N3.69 trillion in February 2024. The decision according to the apex bank was made in light of growing cases of naira counterfeiting and currency hoarding."In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.
While there has been a significant surge in the currency in circulation, the country's economic growth has been tepid, with Nigeria's economic growth rate for 2024 projected to be around 2.9per cent and 3.1per cent, having one of the slowest growth rates in West Africa.
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