Currency In Circulation Hits N2.1billion In April

The total value of the currency in circulation in the Nigerian economy increased to N2.158.70 billion at the end of April.

This was disclosed on Monday by the Governor of the Central Bank of Nigeria, Godwin Emefiele, in his keynote address to the regional workshop on banking and currency management organised by the West African Institute for Financial and Economic Management (WAIFEM).

Emefiele, who was represented by the Director of Currency Operations Department of the CBN, Priscilla Eleje, said the increase in currency circulation, which is the physical money used for transactions between consumers and businesses, may suggest an increase in economic activities which is a key factor to improve economic growth in the country.

 “Effective currency management depends on excellent information and insightful analysis.

 “Efficient and effective currency management commences with a strategic analysis of currency life-cycle,” he said.

The five-day workshop  attended by participants from the central banks of the five anglophone West African countries: Nigeria, Gambia, Ghana, Liberia, and Sierra Leone  is aimed at exploring and tackling the key challenges that confront Central Banks in currency management and also to upgrade the analytical skills of staff in performing their currency management functions.