The Central Bank of Nigeria has reported N1,900.67billion currency-in-circulation at the end of June 2018, comprising 5,597.60 million pieces of banknotes and 2,317.03 million pieces of coins, valued at N1,899.07 billion and N1.60 billion, respectively.
According to economic activities data obtained from the apex bank, this represented an increase of 1.4 per cent over the level in the corresponding period of 2017.
The growth in the CIC reflected increased economic activities and the expansionary fiscal policy of the government. In value term, banknotes increased by 1.4 per cent, compared with the level in the first half of 2017, while coins remain unchanged.
In terms of composition, the combined volume of N5, N10, N20 and N 50 banknotes, as share of total currency in circulation in the first half of 2018, decreased to 27.0 per cent, from 30.4 per cent in the first half of 2017.
The apex bank explained that there were also 2.3 billion Nigeria coins in circulation which were worth N1.60 billion at the same period, noting that the coins comprised of 1 kobo, 10 kobo, 25 kobo, 50 kobo, N1 and N2 denominations.
In the period under review, 31.4 million pieces of the 1 kobo coin worth N3 million were in circulation. Also, 315.6 million pieces of the 10 kobo coin valued at N32 million were in circulation, 348.3 million pieces of the 25 kobo coin valued N87 million were also in circulation, while 681.5 million pieces of the 50 kobo coin valued at N340 million were in circulation in the review period.
Similarly, 736.1 million pieces of the N1 coin worth N740 million were in circulation, while 204.4 million pieces of the N2 coin valued at N410 million were in circulation in H1 2018.
Meanwhile, the Naira currency last week lost marginally against the dollar at the investors’ window. It exchanged at N363.58, weaker than N363.54 that was traded the previous day.
Investors settled for 228.8million dollars at the close of trading at the investors’ window. At the official Central Bank of Nigeria window, the Naira also closed at N306.65 to the dollar.
The Naira remained stable at the parallel market closing at N360.5 to the dollar, while the Pound Sterling and the Euro exchanged at N480 and N418, respectively.
The efforts of the CBN’s intervention made the exchange rate stable and also led to the stability of goods and services in the country.
Also remittances from Nigerians living abroad had helped in improving inflows to the country.