Nigeria's Currency In Circulation Drops To N1.38tn 

The total amount of currency-in-circulation in the country dropped from N3.29tn as of the end of October 2022 to N1.38tn as of the end of January 2023 as a result of the naira redesign policy of the Central Bank of Nigeria. <br />The banking sector regulator says all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. <br />He decried the challenges associated with currency management including significant hoarding of banknotes by members of the public, with statistics showing that over 80 per cent of currency-in-circulation was outside the vaults of commercial banks. <br />