BREAKING: Currency In Circulation Hits N5.44tn In December – CBN

The currency in circulation hit N5.44tn in December 2024 while naira notes rose by 26.33 per cent, according to data obtained by THE WHISTLER.

Data seen by THE WHISTLER from the fourth quarter of 2024 economic report released by the apex bank revealed the development led to growth in reserve money.

Reserve money grew at the end of December 2024, resulting from the rise in currency-in-circulation (CIC) and liabilities to other depository corporations (ODCs).

The data revealed that compared to the level at the end of December 2023, reserve money grew by 32.09 per cent to N32.67tn.

In September 2024, reserve money was N4.40tn which is a growth of 15.56 per cent above the 2024 benchmark of N28.27tn.

Reserve money is the liquid assets held by the central bank, including foreign exchange reserves and the Cash Reserve Requirement (CRR) that banks are required to hold with the CBN, used to manage the money supply and stabilize the economy.

The report disclosed that the growth was driven by the 48.94 and 29.17 per cent increases in CIC and liabilities to ODCs to N5.44tn and N27.23tn respectively.

The report revealed that naira notes and coins, which constituted the largest component of CIC, expanded by 26.33 per cent to N5.42tn at the end of December 2024, from N4.29tn at the end of September 2024.

But the eNaira component moderated by 0.19 per cent to N18.31bn in the review quarter from N18.35bn at the end of September 2024.