Business
Currency In Circulation Hits N3.97trn – CBN
The Central Bank of Nigeria (CBN) has revealed that the currency’s value in circulation has risen to N3.97 trillion at the end of May, 2024, representing a 1.07 per cent increase over the previous month.
This was contained in a data released on CBN’s website on Sunday, which indicated that the currency in circulation has been rising consistently over the months from N3.92 trillion in April to N3.86tn in March.
The currency in circulation has been increasing month-on-month despite the CBN monetary policy tightening which has seen the benchmark interest rate set at 26.65 per cent.
According to CBN, currency in circulation was at N3.87 trillion in March represented about a 4.76 per cent month-on-month increase from N3.69 trillion in February 2024.
Meanwhile, currency outside banks also increased progressively during the first quarter, growing from N3.28trillion in January to N3.41 trillion and N3.63 trillion in February and March, respectively.
The data revealed that over 90 per cent of currency in circulation is held outside of the banking system, indicating Nigerians are holding more cash.
Also in a CBN statement, one of the members of the Monetary Policy Committee at their March meeting, Muhammad Abdullahi, said the apex bank had identified high currency outside banks as one of the monetary drivers of the country’s inflation.
Corlins Walter
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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