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Published 12:25 am
Currency in circulation rose by N29bn to N2.81tn as of the end of March from N2.78tn as of the end of February, the latest figures obtained from the Central Bank of Nigeria showed on Sunday.
Currency in circulation dropped by N50bn in February from N2.83tn as of January.
It had earlier dropped by N70bn in January from N2.9tn as of December 2020.
According to the CBN, currency in circulation rose from N2.5tn as of the end of October to N2.66tn in November.
The CBN defined the currency in circulation as currency outside the vaults of Central Bank; that is, all legal tender currency in the hands of the general public and in the vaults of the Deposit Money Banks.
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Published 12 March 2021
Currency in circulation in the country dropped by N70bn to N2.83tn in January from N2.9tn as of December 2020, latest figures obtained from the Central Bank of Nigeria showed on Wednesday.
According to the CBN, currency in circulation rose from N2.5tn as of the end of October to N2.66tn as of the end of November.
The banking regulator stated in its November monthly economic report that currency outside depository corporations, transferrable deposits, and other deposits largely propelled growth in monetary liabilities at the end of the review period.
It stated that securities other than shares plummeted by 28.9 per cent, attributable to the low demand for CBN bills due to relatively low yields.
The operationability of the fund is anchored on the 2020 Finance Act (Amendment) Bill signed on December 31, 2020, by President Muhammadu Buhari which provides that the Debt Management Office (DMO) shall supervise the operations of the fund.
The act, which has the commencement date of January 1, 2021, introduced significant changes to some tax and regulatory laws in Nigeria, including the introduction of COVID-19 incentives, alongside other changes.
The Finance Act 2020 Part XV, states that: “Subject to Section 44 (1) (h) of the Constitution of the Federal Republic of Nigeria, 1999, there is established by the trust, as a sub-fund of the Crisis Intervention Fund, an unclaimed Funds Trust Fund.”
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Foreign exchange inflow through the Central Bank of Nigeria in the third quarter of 2020 stood at $6.97bn.
The CBN disclosed this in the third quarter economic report.
It said, “Foreign exchange inflow through the Central Bank of Nigeria decreased in the third quarter of 2020, largely due to a reduction in non-oil inflow.
“During the review period, aggregate foreign exchange inflow through the CBN stood at $6.97bn, a decrease of 30.7 per cent and 43.6 per cent below the levels in the second quarter of 2020 and the corresponding quarter of 2019, respectively.
“The development was attributed to a decline in both oil and non-oil receipts by 9.7 per cent and 44.7 per cent, respectively, below the levels in the preceding quarter and corresponding quarter of 2019.”
N319 99trn electronic payments recorded in Q3 2020 —NBS punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.