Currency in circulation rose by N56 . 44 bn in one month from N 2 . 369 tn as of the end of August to N 2 . 426 tn as of the end of September.
Figures obtained from the Central Bank of Nigeria on Wednesday stated .
The figure , which stood at N2 . 35 tn as of the end of May , rose to N 2 . 39 tn as of the end of July .
The currency – in – circulation on quarter – on-quarter basis fell by 6 . 0 per cent to N2 . 29 tn at the end of March 2020 , compared with a decline of 7 . 5 per cent at the end of the first quarter of 2019 .
According to the CBN ’ s monthly economic report for May , extensive cash reserve ratio debits on banks that failed to comply with policy directives increased the monetary authority ’s liabilities to other depository corporations and increased reserve money in May 2020 .
Reserve money grew by 5 .9 per cent to N12 . 96 tn compared with a growth of 20 .7 per cent in April 2020 .
It said that at N10 . 61 tn , liabilities to other depository corporations surged 70 .5 per cent above the preceding month ’ s growth rate of 59 . 7 per cent .
The report said , “ The heightened uncertain outlook due to the lockdown encouraged more cash to be held by the public.
“ This was evident from the increase in currency in circulation, compared with the level in the preceding month .
“ Currency in circulation rose by two per cent to N2 .35 tn at the end of May 2020 , compared with the increase of 0 . 5 per cent at the end of April 2020 . ”