The circulation of the Naira has hit N1.6 trillion as of the ending of the month of March. OsunDaily News reports that data from the Central Bank of Nigeria (CBN) revealed the surge.
It was learnt from Daily Trust that the CBN data indicates that the surge represented a 71% in the circulation of the naira.
Also, the data from the apex bank showed that circulation has jumped by N701.4 billion following the Supreme Court ruling of March 3, extending the deadline of the old naira notes.
The development follows the reversal of the Naira redesign policy in line with the directive by the Supreme Court.
It would be recalled that the naira circulation in the country had dipped by 235.03% to N982.09 billion at the end of February 2023 from N3.29 trillion at the end of October 2022 due to the federal government’s redesign naira policy.
Figures obtained from the CBN showed that N2.3 trillion was mopped up from circulation during the period under review
Governor of the CBN, Godwin Emefiele, had in October 2022, announced plans to redesign the old N200, N500 and N1,000 notes.
However, after a whole lot of controversies and hardship created by the policy and the time frame, the redesign policy was reversed subsequently by the Supreme Court in its ruling on March 3.
The apex court had extended the legal tender status of the old N200, N500, and N1,000 notes to December 31 this year.
