RAJAB 11 1430 A.H.
FRIDAY JULY, 3 2009.
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Currency in circulation stays at N1trn
Since climbing to N1.2 trillion in December 2008, the currency in circulation has remained at the trillion Naira mark with slight increases and decreases in seven months.
Side by side the circulation, the News Agency of Nigeria (NAN) reports that the year on year inflation has also remained at a double digit since the third quarter of last year, reaching 15.1 per cent in December 2008.
The year on year inflation rate, which was at 14 per cent in January, dropped to 13.2 per cent in May, according to the National Bureau of Statistics (NBS).
The inflation rate in February was 14.6 per cent, in March it was 14.4 per cent and in April it was 13.3 per cent.
The NBS said the drop in year on year inflation was due to a fall in the price of food.
The currency in circulation, according to the CBN, stood at N1,006,314 trillion by the end of the first half of this year.
A history of the currency trend posted on the website of the CBN yesterday said the currency in circulation as at May was N1,024,163 trillion.
In April, the CBN said the currency in circulation was N1,047,853 trillion, while in February and March, the figure was N1,035,882 trillion and N1,022,911 trillion respectively.
The currency in circulation, according to the CBN, as at January was N1,063,307 trillion, a drop of about N1.49 illion comapred to the December 2008 figure of N1.2 trillion.
