Currency in circulation in the country fell by N75.84bn from N1.9tn in June to N1.824tn in July 2018. According to statistics from the Central Bank of Nigeria on Wednesday, the figure rose from N1.93tn in February to N2.03tn in March.
The CBN revealed that the currency in circulation fell to N1.95tn and N1.93tn in April and May, respectively. Commenting on factors that could affect currency in circulation, the Chief Executive Officer, Economic Associates, Dr Ayo Teriba, said one reason was the growth of electronic payment, such as increase in the use of Automated Teller Machines, Point of Sale and domestic fund transfer rather than using cash.
“The e-money is displacing the naira on the retail fund as a means of payment, as a store of value, foreign currency is replacing the naira. So that trend may continue until you have a negligible amount of naira in circulation,” he said.
(Punch)
No comments:
Post a Comment