The Central Bank of Nigeria (CBN) has reported that the currency in circulation surged to an unprecedented N4.05 trillion in July 2024, marking an all-time high.
According to the CBN’s Money and Credit Data, this figure represents an 11.05 per cent increase since the beginning of the year and a significant 56.17 per cent rise compared to the same period in 2023.
Analysis of the data revealed that the year began with N3.65 trillion in circulation in January 2024, a stable figure reflecting a typical post-holiday economic environment.
February saw a modest rise to N3.69 trillion, a 1.18% increase from January, while March recorded a more substantial jump to N3.87 trillion, marking a 4.76 per cent month-on-month increase.
The upward trend persisted in April, with the currency in circulation hitting N3.92 trillion, up by 1.39 per cent from March, driven by heightened consumer spending during the Easter period.
May and June continued this trajectory, with the currency in circulation reaching N3.97 trillion in May and peaking at N4.04 trillion in June, representing monthly increases of 1.07 per cent and 2.11 per cent, respectively.
