Currency in circulation rises to N1.776trn

Central Bank of Nigeria (CBN) said that currency-in-circulation (CIC) has increased to N1.776 trillion at the end of December 2013. The CBN current report showed that CIC increased by 20.5% compared with the increase of 3.4 and 20.9% at the end of September 2013 and the corresponding period of 2012, respectively.

The apex bank said that the development, relative to the preceding quarter was attributed, largely, to the 23.9% increase in currency outside the banks.
It also said that the total deposits at the CBN went up by 0.2% to N7.027 trillion, compared with the increase of 14.8% at the end of the preceding quarter.
The growth according to CBN reflected largely, the 19.1 and 22.6% rise in the deposits of banks and “Others”, respectively, which more than offset the 19.0% decline in the deposits of federal government.

Of the total deposits, it said the shares of the federal government, banks and “others” were N2.848 trillion or 40.5%, N3.782 trillion or 53.8% and N396.7 billion or 5.7%, respectively. Reserve money (RM), at N5.558 trillion, rose by 19.5%, compared with the 43.7% increase recorded in the preceding quarter.

The development, relative to the preceding quarter, was attributed to the increase in currency-in- circulation and banks’ deposit with the CBN.
The report further said that total revenue collected by federal government during the fourth quarter of 2013 stood at N2.201 trillion, representing a decline of 22.3 and 19.8% below the quarterly budget estimate and the level in the preceding quarter, respectively.

Comparing it to the level in the corresponding quarter of 2012, it said total federally-collected revenue fell by 10.5%. It explained that the decline relative to the level in the preceding quarter was attributed to the fall in both oil and non-oil revenue.
At N1.538 trillion, gross oil receipts, which constituted 69.9% of the total, fell below the proportionate budget estimate and the level in the preceding quarter by 20.4 and 5.2%, respectively. The development relative to the preceding quarter was attributed to the decline in crude oil and gas exports during the review quarter

The report said that non-oil receipts (gross), at N663.53 billion or 30.1% of the total was below both the proportionate budget estimate and the level in the preceding quarter by 26.4 and 41.0%, respectively.
The decline in non-oil revenue relative to the preceding quarter according to CBN was due to the fall in receipts from components of the non-oil revenue, except customs and excise duties as well as VAT.