Business & Economy

Naira In Circulation Drops By N37.84 Billion In February 2022 – CBN Report

Naira In Circulation has Dropped By N37.84 Billion In February 2022 – the Central Bank of Nigeria (CBN) confirmed.

BrandNewsDay reports that in data obtained from the money and credit report of the Central Bank of Nigeria (CBN) website, the country’s currency, Naira 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.

READ ALSO: Black Market Dollar To Naira Aboki Exchange Rate Today Monday, 28 March 2022

 

Advertisement

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.

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

BREAKING: Naira Falls Massively At Aboki Exchange Black Market, See New Exchange Rate

BrandNewsDay Nigeria had reported that 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

Advertisement

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

Facebook Comments
Brand News Day

Recent Posts

Apple Unveils iPhone 17 Air, Slick, Slimmer Than Previous Models (PHOTOS)

Apple Inc is set to present a slimmer iPhone 17 Air model, marking a potential…

2 weeks ago

Six-Year-Old Ella Shoots, Kills American Police Officer In Mother’s Defense

A six-year-old girl, Ella, fatally shot a 28-year-old American police officer last month after witnessing…

2 weeks ago

LIRS Urges Taxpayers To Meet March 31 Deadline For Annual Tax Return Submission

The Lagos State Internal Revenue Service (LIRS) reminds all individual taxpayers, including self-employed individuals, those…

2 weeks ago

Stanbic IBTC Bank Partners Autochek To Boosts Car Ownership, Disburses N4Bn

Stanbic IBTC Bank, a prominent financial institution in Nigeria, has partnered with Autochek, an innovative…

3 weeks ago

Stanbic IBTC PMI®: Output Growth Accelerates To Fastest In Just Over One Year

The headline figure derived from the survey is the Stanbic IBTC PMI® - Purchasing Managers’…

3 weeks ago

Stanbic IBTC Bank Reintroduces Its Private Banking Offerings To Empower Nigerians Build Lasting Wealth

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a leading financial service solutions…

3 weeks ago

This website uses cookies.