Currency Circulation Increase To 71.41Percent

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Due to the deposit of old naira notes to banks by the Central Bank Of Nigeria, the currency has increased in circulation by 71.41 percent.

According to the report by the Central Bank of Nigeria, as of March 23, there is an increase in Naira circulation to N1.68 trillion.

According to the professor of capital in Nassarawa state, Uche Uwaleke said the circulation of old naira notes is much more available in banks.

Further, speak concerning the increase the old naira note is much more available than the new naira note then which was extended till December this year.

Uche the professor of capital emphasized the increase of old naira notes deposited in the Central Bank.

Speaking of the essence of currency, which has to do with the money in circulation which is outside the central bank. currency is useful in the hand of people in the country.

Further speaking, the central bank of Nigeria as of March 24 this year directed people to move on with the spending of both notes to make the currency enough across the country.

According to the report, the Central Bank of Nigeria told all banks to perform their duties in the banks and as well loading enough money in the Automated Teller Machine(ATM).

Speaking concerning the currency, Banks are open to everyone for deposits and withdrawals due to the scarcity of cash to avoid long queues.

Further speaking, concerning the currency domination of 200,500 and 1000 naira note, the CBN announced on October 26 last year that the new naira notes should be in existence from December 15 last year

Speaking on the report of FSDH concerning the currency of Nigeria which have affected most citizen in the country due to the redesign of currency which has brought about pressure on banking, and has affected the financial system.

Speaking on the Central Bank Of Nigeria statement, we have N3.23 trillion but N2.73 trillion is out of the commercial banks.

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