Naira In Circulation Drops By N37.84 Billion In February 2022

Naira in circulation dropped by N37.84 Billion in February 2022.

Glamtush reports that currency in circulation in Nigeria fell to N37.94 billion as of the end of February 2022 compared to N3.288 trillion recorded as of January 2022.

This represents a 1.2% decline on a month-on-month basis, while when compared to the corresponding period of 2021, it increased by 16.95 compared to N2.78 trillion as of February 2021.

This is according to data from the money and credit report of the Central Bank of Nigeria (CBN).

Nigeria’s currency circulating in the economy has recorded significant growth since the Central Bank maintained its dovish monetary approach as a means to ensure the recovery of the nation’s economy, following the recession recorded in 2020, caused by the covid-19 pandemic.

Glamtush had reported that the several intervention policies pushed currency in circulation to its highest level in history in December 2021. However, it has recorded a decline in two consecutive months, dropping by N37.13 billion in January and N37.84 billion in February 2022.

Private sector credit increased by N1.46 trillion

Credit by banks to the private sector increased by N1.46 trillion in February to N36.91 trillion from N35.45 trillion recorded as of the previous month. This represents an increase of 4.1% month-on-month.