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Currency in circulation hits N2.2tr




Currency-in-circulation (CIC)  has risen by 9.9 per cent to N2.2 trillion, the Central Bank of Nigeria (CBN) quarterly economic report released on Monday has shown.

The report, which is for the fourth quarter of last year, was in contrast to the decline of 0.4 per cent in end of the third quarter of the same year. The development, relative to the level in the preceding quarter, reflected, mainly, the increase in its currency outside banks component, and seasonal factors.

The report said total deposits at the CBN amounted to N14.35 trillion at end of last November, indicating an increase of 3.6 per cent above the level at end of third quarter 2019. The rise was attributed to 14.3 per cent and 3.1 per cent increase in the deposits of the Federal Government and the commercial banks, respectively.

Of the total deposits at the CBN, the shares of the Federal Government, banks and private sector deposits were 47.4 per cent, 35.9 per cent and 16.7 per cent.

Reserve money grew by five per cent to N7.35 trillion  at end of last November, in contrast to the decrease of 13.5 per cent at the end of third quarter of last year. The development reflected the increase in federal government and banks’ deposits with the CBN.