The Central Bank of Nigeria says it has removed a total of N52.5 billion from circulation in the month of June.
At the end of May, N2.35 trillion was in circulation, but a month later, the amount of currency in circulation was reduced to N2.39 trillion.
“Currency in circulation at end-November 2019 rose by 9.9 percent to N2.2tn, in contrast to the decline of 0.4 percent at the end of the third quarter of 2019,″ the CBN said.
“The development, relative to the level in the preceding quarter, reflected mainly the increase in its currency outside banks’ components and seasonal factors.
“Currency in circulation is defined as a currency outside the vaults of the central bank; that is, all legal tender currency in the hands of the general public and in the vaults of the Deposit Money Banks,” it added.