By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has revealed that a total of 2.3 billion Nigerian coins worth N1.60 billion were in circulation in the first six months of 2018.

In its Economic Report for the first half of 2018 released last week and obtained by Business Post, the apex bank said the coins comprise 1 kobo, 10 kobo, 25 kobo, 50 kobo, N1 and N2 denominations.

An analysis of the report by Business Post indicated that during the period under review, a total of 31.4 million pieces of the 1 kobo coin worth N3 million were in circulation.

Also, 315.6 million pieces of the 10 kobo coin valued at N32 million were in circulation, 348.3 million pieces of the 25 kobo coin worth N87 million were in circulation, while 681.5 million pieces of the 50 kobo coin valued at N340 million were in circulation.

Furthermore, a total of 736.1 million pieces of the N1 coin worth N740 million were in circulation in the reviewed period, while 204.4 million pieces of the N2 coin valued at N410 million were also in circulation in H1 2018.

Also in the report, the central bank said a total of 5.6 billion pieces of banknotes valued at N1.899 trillion were in circulation in the first six months of this year, bringing the total value of Naira in circulation in the period under consideration to N1.9 trillion.

This represented an increase of 1.4 percent over the level in the corresponding period of 2017, reflecting increased economic activities and the expansionary fiscal policy of the government.

In value term, banknotes, increased by 1.4 percent, compared with the level in the first half of 2017, while coins remain unchanged.

In terms of composition, the combined volume of N5, N10, N20 and N50 banknotes, as share of total currency in circulation in the first half of 2018, decreased to 27.0 percent, from 30.4 percent in the first half of 2017.

Similarly, the value dropped to 1.8 percent, from 2.0 percent in the corresponding period of 2017.

At end-June 2018, the value of N200, N100, N20 and N10 banknotes in circulation rose by 7.2 percent, 70.8 percent, 6.8 percent and 9.1 percent, respectively.

However, the value of N1,000, N500, N50 and N5 denominations declined by 0.2 percent, 0.8 percent, 24.5 percent and 39.8 percent, respectively, compared with the levels in the first half of 2017.

The report said the N1,000 and N500 banknotes remained dominant with shares of 60.7 percent and 28.1 percent, respectively, in value terms in the first half of 2018.

https://www.businesspost.ng/2018/11/06/2-3-billion-pieces-of-coins-worth-n1-60b-in-circulation-cbn/

In circulation, where ?

Are these our leaders mad .. it’s been long I even saw a Nigerian coin am still confused on how they will spend 200bn + on election it won’t be well with this people I swear they keep fooling there generations not me

The CBN has joined the association of Nigerian institutions under APC known for propagating unbelievable lies.

Just imagine the lies this one is spewing now

Ehnn, lie mohammed must be behind this.

Stupid. Of what value is such a report? And to think of millions of naira that would have been spent to arrive at this with countless unreasonable meetings. Misplaced priorities.

Can someone pls help me beg Central Bank or any other appropriate agency that 100 notes are needed, it's very scarce and when u find it its usually tattered.

Even though the people that run this country don't spend 100 naira, they should pity us small na

Can you imagine that number and I have not seen even a look-alike of Nigeria's coins.

in circulation??

.

Mad people everywhere in aso rock

I don dey bear am since but these lies are seriously getting out of hands. At a time when 5 bucks and 10 bucks are going extinct, these people get mind dey tell us another one.

Don't put me into more troubles please. Where is the coins?

i dont remember seeing any coin after 2014 oo, even if i should see what do i want to use 2naira to buy

With bitcoin you be baba o. checkout 7 of The Coolest Things You Can Buy with Bitcoin

MAY BE THEY ARE TALKING ABOUT BILLION COIN O

Assuming we still use coin, Ganduje for no ft pack am for babariga
or else he no go fit waka

Only if nigerians can know the value of using coins... Stupid country

Coins in Nigeria? I have never sin one before

Fake news.

O boy see naira o

I am not understanding pls. in circulation where


even shoprite that will deceive themselves by putting 99naira and 99kobo on almost all their goods, will never give u that ur 1kobo 1naira change

Did I just hear them mention "coins"? I can swear that my 18 year old nephew hasn't seen coins all his life before.

this government is so good in comedy

2 billion of those coin are under beds...

Since Ancestors refused to bequeath them before they died

Aromas:
Don't put me into more troubles please. Where is the coins?

He hasn't seen anything yet.

pacifique:
In circulation, where ?

in The north

Nonsense. Mtcheeew.

Nigerians started rejecting coins when it was in circulation, it later faded out. Poor Nigerians dont know the benefits.

pacifique:
In circulation, where ?

nna if u ask me who i go ask?

They still use Coin in the North