The Central Bank of Nigeria (CBN) reported on Thursday that the currency in flow in Nigeria increased by N1.7 trillion to reach N2.7 trillion as of August 31,2023 The boost was driven by a rise in money deals, marking a substantial healing from a dip earlier this year.
The CBN’s information exposes that the currency in bloodcirculation had dipped by 235.03% to N982.1 billion ($1 = NGN770.260) at the end of February from N3.29 trillion at the end of October2022 This was mainly due to the naira redesign policy of the CBN, which triggered N2.3 trillion to be mopped up from flow throughout the duration under evaluation.
However, following the conclusion of the naira redesign policy, the nation’s curr