Money in supply, also known as currency in circulation, recorded a marginal first decline in 11 months following low economic activities.
Data from the Central Bank of Nigeria (CBN) showed that money in circulation dropped by 0.08 percent (month-on-month) to N3.650 trillion in January 2024, the first month in the year, compared to N3.653 trillion recorded in December 2023.
The last time the currency in circulation slowed was in February 2023, when it recorded N982.097 billion, the data indicated.
“It is the state of the economy. Currency in circulation is the reflection of the amount of economic activity taking place in an economy,” Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise, said.
He noted that some businesses are not doing well due to the current macroeconomic challenges. According to him, another reason could be that some people are moving their cash into other assets.
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.
