Knowledge from the Central Bank of Nigeria (CBN) has proven that greater than 93 per cent of foreign money in circulation is outdoors the banking business having surged to an unprecedented N4.04 trillion in June 2024.
This marks a major improve within the sum of money within the economic system.
The CBN’s Cash and Credit score Knowledge additionally highlighted that foreign money held outdoors banks reached a historic excessive of N3.79 trillion, accounting for 93.6 per cent of the entire foreign money in circulation.
A breakdown of the primary six months of the yr exhibits that 2024 started with N3.65 trillion in circulation, reflecting a steady begin aligned with typical post-holiday financial actions. By the top of February, this determine had modestly elevated to N3.69 trillion, a progress of N43 billion or 1.18 per cent from January.
March recorded a extra substantial rise, with the foreign money in circulation climbing to N3.87 trillion, marking a month-on-month improve of N175 billion or 4.76 per cent. The development continued in April, with the determine reaching N3.92 trillion, a rise of N53 billion or 1.39 per cent from March, doubtless spurred by heightened financial exercise through the Easter interval.
In Might, circulation additional elevated to N3.97 trillion, an increase of N42 billion or 1.07 per cent from April. Probably the most vital soar occurred in June, when foreign money in circulation peaked at N4.04 trillion, a rise of N84 billion or 2.11 per cent from Might.
Wanting particularly at foreign money outdoors banks, the yr began with N3.28 trillion. By the top of February, this determine had risen to N3.41 trillion, a rise of N130 billion or 3.98 per cent from January.
March noticed a notable rise in foreign money outdoors banks, reaching N3.63 trillion, a month-on-month improve of N217 billion or 6.34 per cent. Nevertheless, in April, there was a slight lower to N3.61 trillion, a drop of N22 billion or 0.62 per cent from March.
The upward development resumed in Might, with foreign money outdoors banks growing to N3.71 trillion, up by N105 billion or 2.93 per cent from April. Probably the most vital rise was in June, with foreign money outdoors banks reaching N3.79 trillion, a rise of N80 billion or 2.16 per cent from Might.
