Currency In Circulation Drops By 4.63% To N2.014tr In June- CBN

-

New data by the Central Bank of Nigeria (CBN), on Tuesday, showed that the value of currency outside of bank vaults in the country fell to its lowest in the seven months since November 2018 in the month of June 2019.

Curiously, data on the CBN’s website showed that unlike in other months when the figures are given as of month-end, currency in circulation stood at N2.104tr, on June 28, 2019, representing N97.775bn or 4.63% decline from the N2.111tr recorded on May 31.
The June figure, representing the second month-on-month decline, represented a year-on-year drop of N113.402bn or 5.96% from the N1.9tr recorded on June 28, 2018.

The latest figure also represents N227.24bn drop from the year’s N2.241tr peak achieve in February, the peak of Nigeria’s Presidential election season.
The drop may not, however, be unconnected with the non-implementation of the country’s Federal budget which is being delayed by the absence of a cabinet almost eight months into the year and five months after President Muhammadu Buhari was elected for a second and final four-year term.

https://investdata.com.ng/2019/07/currency-in-circulation-drops-by-4-63-to-n2-014tr-in-june-cbn/#more

Comments

Post a Comment

Popular posts from this blog

Wherever You are NOW is Your Decision

-
Image
                                        Photo credit: entrepreneurfail According to research, very few people are successful at anything at first. I included. The reason only a tiny percentage of the population achieves any significant success or wealth through stock is that few are willing to go through the process of what it takes to achieve in the stock market, and there is no shortcut. In fact, everybody has to go through four levels of learning every single time, and often, in the process - fail, regroup and begin again. Most people blame others like government policies, currency fluctuation, political instability, the election for stopping their progress, but in truth, there's only one person who can put on the parking break and that person is YOU. Furthermore, many people drive around with the break on without knowing it, or once awareness arrives, don't know how to lift their foot off of it. That is why I have been organizing seminars and making them avail
Read more