Currency-in-circulation (CIC) in Nigeria has jumped to N2.99 trillion in October, the highest since the beginning of the year, according to data from the Central Bank of Nigeria (CBN).
This represents 115.10 percent compared to the level of N1.39 trillion in January this year and 8.33 percent higher than N2.76 trillion in the preceding month (September 2023).
In October 2022, the Central Bank of Nigeria (CBN) withdrew the old N200, N500, and N1000 notes from circulation and introduced new designs. This resulted in a temporary decrease in the CIC as people exchanged their old notes for new ones. However, once the exchange period ended, the CIC began to rise again as people withdrew more cash.
The Nigerian economy has been growing in recent years, and this has led to an increase in demand for cash. As people earn more money, they are more likely to use cash to make transactions.
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Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
