Currency In Circulation Drops By 9.2%

The Central Bank of Nigeria (CBN) has said that currency in circulation dropped by 9.2 per cent between January and April this year.

The CBN disclosed in its April edition of monthly economic report posted on its Website.

It said that currency in circulation dropped by 0.7 per cent in April against 0.4 per cent decline recorded in March.

The apex bank also said that the currency in circulation stood at N1.42 trillion as at the end of April.

It also said that currency outside the banking system dropped by 2.7 per cent between January and April.

The CBN said that banks holdings of Federal Government bonds and treasury bills fell to N785.2 billion in April.

CBN said that its credit to the banking sector went up by 6.3 per cent to N291.5 billion by April.

It said that the liquid assets of the banks stood at N5.95 trillion, representing 47.3 per cent of their total current liabilities.