Currency in circulation now N4.8tn - CBN report - Newstrends
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Currency in circulation now N4.8tn – CBN report

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Currency in circulation now N4.8tn – CBN report

Currency in circulation has reached an all-time high of N4.8 trillion as of November 2024, recording over seven per cent increase from the previous month.

Also, currency outside banks grew significantly in the same month hitting an all-time high of N4.6 trillion from the N4.2 trillion in the month of October.

These figures were contained in the money and credit supply data from the Central Bank of Nigeria (CBN).

The currency in circulation is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses.

It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.

Similarly, currency outside a bank refers to cash held by individuals, businesses and other entities that is not stored in banks.

The currency outside the bank represents about 96 per cent of the currency in circulation.

Nigerians have in recent times been facing acute cash shortage with banks limiting daily withdrawal at Automated Teller Machines (ATMs) to N20,000 irrespective of the number of accounts held by an account owner.

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According to the latest data, the currency in circulation grew by seven per cent to reach 4,878,125.22 from 4,549,217.51 in October.

Currency in circulation has grown steadily in the outgoing year 2024 with over one trillion naira added to cash in circulation after starting the year with N3.65 trillion in January.

In February, the currency in circulation slightly increased to N3.69 trillion representing an increase of N43 billion or 1.18 per cent from the January figure.

March also saw an appreciable increase to N3.87 trillion while it further increased to N3.92 trillion in the following month of April.

The growth trajectory continued in May with the currency in circulation increasing slightly to N3.97 trillion, an increase of N42 billion or 1.07 per cent while it reached an all-time high of 4.04 trillion, an increase of 2.11 per cent from May.

The July figure also rose marginally with the currency in circulation settling for N4.05 trillion before growing to N4.14 trillion in August and N4.43 trillion in September and N4.5 trillion in October.

In the same vein, currency outside banks grew from N4.2 trillion in October to N4.6 trillion in November, showing increasing preference for other means of storing outside bank deposits.

Economist, Dr. Paul Alaje attributed the development to the expanding money supply, adding, “Money supply is expanding but this may not necessarily be in cash. As it is expanding, it will necessarily induce inflation. But you can’t blame the people. People must look for money. How much was bottled water last year, how much is it today? All of this will induce inflation. If you now ask, what is the cause of inflation? Is it money supply itself or a devaluation policy? It is a devaluation policy. Money supply is an offshoot. So the Central Bank is raising interest rates to actually reduce money supply but the more they try the more money supply expands.”

He stated that the floatation policy of the CBN has created inflation, adding, “It is like chasing one’s tail and I don’t know if you are going to catch it.”

Currency in circulation now N4.8tn – CBN report

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Adamawa Health Officials Report 20 Deaths from Suspected Diphtheria Cases

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Adamawa Health Officials Report 20 Deaths from Suspected Diphtheria Cases
A typical sign of Diphtheria
Adamawa Health Officials Report 20 Deaths from Suspected Diphtheria Cases

Parents and caregivers are advised to seek early medical help and update childhood vaccinations as response teams expand outreach.

Health authorities in Adamawa State are responding to a diphtheria outbreak that has caused 20 deaths across 13 local government areas. Speaking on Wednesday, State Epidemiologist Jones Steven Kadabiyu confirmed that health workers have recorded 126 suspected cases throughout the state, with six patients currently receiving medical care in local hospitals.

Diphtheria is a serious bacterial illness that spreads through airborne droplets from coughing or close personal contact. It mainly affects the throat and airway, causing sore throats, mild fevers, swollen neck glands, and difficulty swallowing or breathing.

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Health officials emphasized that the biggest risk to patients has been waiting too long to visit a health center, as some families try informal remedies at home first before seeking professional medical attention.

The state government is working alongside health partners to track new cases, provide specialized antibiotics and treatments, and protect medical workers and family members.

Officials stressed that while diphtheria can affect people of any age, young children are the most vulnerable to serious complications. Parents and guardians are strongly encouraged to ensure their children are up to date on their routine vaccines and to visit the nearest clinic immediately if anyone develops throat swelling or breathing issues.

Adamawa Health Officials Report 20 Deaths from Suspected Diphtheria Cases

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Blue Line Rail, Hospitals Get Boost as Lagos Approves ₦200bn Bond and Budget Reordering

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Lagos State House of Assembly
Lagos State House of Assembly
Blue Line Rail, Hospitals Get Boost as Lagos Approves ₦200bn Bond and Budget Reordering

Following Governor Sanwo-Olu’s request, the state legislature approves expanded capital financing for the final months of the fiscal year.

The Lagos State House of Assembly has approved changes to the state’s 2026 spending plan to speed up work on key community infrastructure, including public transit lines, general hospitals, and flood prevention systems.

The decision came after Governor Babajide Sanwo-Olu requested a review of the budget to make sure government funds are directed where they are needed most during the rest of the year.

To support these priority projects, lawmakers agreed to raise the state’s infrastructure bond from ₦150 billion to ₦200 billion. Budget committee chairman Lukmon Olumoh explained that this financial adjustment will help contractors finish essential public facilities faster.

The revised funds will help extend the Blue Line train service between Mile 2 and Trade Fair Station, complete the new Massey Street Children’s Hospital, and finish the 280-bed General Hospital in Ojo.

The amended plan also sets aside funds for fixing potholes on neighborhood roads, clearing drainage channels to prevent flooding, and buying new service vehicles for sanitation and traffic teams.

Lawmakers emphasized that legislative committees will closely monitor how these funds are spent to ensure projects are delivered on schedule and within clear standards. Speaker Mudashiru Obasa confirmed that the approved bill has been sent to the governor to be officially signed into law.

 

Blue Line Rail, Hospitals Get Boost as Lagos Approves ₦200bn Bond and Budget Reordering

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Keep Politics Out of My Office — Ogbomoso Grand Chief Imam Warns Politicians, Bloggers

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Grand Chief Imam of Ogbomosoland Toliat Yunus Ayilara
Grand Chief Imam of Ogbomosoland Toliat Yunus Ayilara

Keep Politics Out of My Office — Ogbomoso Grand Chief Imam Warns Politicians, Bloggers

 

The Office of the Grand Chief Imam of Ogbomosoland has drawn a battle line against the alleged politicisation of the revered Islamic institution, warning politicians, bloggers and social media commentators to stop using the Imam’s name, image or perceived position to promote partisan interests.

 

The office, in a strongly worded statement issued on Tuesday, September 15, 2026, declared that the Grand Chief Imam was neither a political actor nor available to any politician, political party or interest group seeking endorsement, mobilisation or political leverage.

Grand Chief Imam of Ogbomosoland Toliat Yunus Ayilara

Grand Chief Imam of Ogbomosoland Toliat Yunus Ayilara

The warning, signed by the Secretary of the Office of the Grand Chief Imam, Sulaimon Ogunleye, came amid what the office described as “recent attempts” by certain media organisations, internet bloggers, political actors and their associates to drag the revered office into partisan political activities.

 

The office said the Grand Chief Imam occupied a spiritual position above political affiliations and was a father to the entire community, irrespective of party, ideology or individual political preference.

 

It stressed that his primary responsibility was to provide spiritual guidance, counsel, prayers and moral leadership to the Ummah and society.

 

Consequently, the office declared that its position on partisan politics remained “uncompromisingly neutral.”

 

‘Nobody should drag Imam into politics’

 

In a stern message to politicians and their associates, the office warned against attributing political endorsements or directives to the Grand Chief Imam.

 

It maintained that while individual members of the community remained free to support whichever candidate they preferred, such personal choices must not be presented as the position of the Grand Chief Imam.

 

The office also urged citizens to approach the forthcoming elections as responsible voters by scrutinising candidates, interrogating their records and promises, demanding accountability and making their choices freely at the polls.

 

“Every citizen has the right to support and vote for the candidate of his or her choice; however, no individual or political interest has the right to attribute such political choices to the Grand Chief Imam or his Office,” it stated.

 

‘Stop using Imam’s image, statements for political purposes’

 

The office subsequently issued a direct cease-and-desist warning to media organisations, bloggers, political actors, social media commentators and other individuals.

 

They were warned against using the Grand Chief Imam’s name, image, statements or perceived position for political purposes.

 

The office also condemned the alleged publication and circulation of fabricated statements, photographs, videos and other materials capable of creating what it described as a false impression that the Imam or his office had endorsed a candidate or political party.

 

It further warned against exploiting the revered office for political influence, leverage or personal clout.

 

“For the avoidance of doubt, no political endorsement should be attributed to the Grand Chief Imam,” the statement declared.

 

Defamation: Imam’s office threatens fresh legal action

 

The office took the warning a step further, declaring that the latest statement should not be interpreted as a mere expression of displeasure.

 

According to the statement, the office had, a few weeks earlier, issued another warning over alleged defamatory publications by certain bloggers.

 

It claimed that following the earlier intervention, legal proceedings were instituted and several persons were currently facing prosecution before the courts.

 

Against that background, the office described Tuesday’s warning as a “final and unequivocal” notice.

 

It warned that anyone or any organisation that knowingly publishes, circulates or disseminates what the office considers false, defamatory or malicious material concerning the Grand Chief Imam or his office would face civil and criminal proceedings without further notice.

 

The office also vowed to identify and preserve evidence against alleged offenders, report them to relevant authorities and pursue prosecution, including individuals operating anonymously or through digital platforms.

 

‘Don’t turn Ogbomoso’s religious institutions into political battlegrounds’

 

The Grand Chief Imam also appealed for calm and unity among the people of Ogbomosoland as political activities intensify ahead of the forthcoming elections.

 

The office warned that political differences must not be allowed to tear the community apart or turn sacred institutions into instruments of partisan competition.

 

“The people are free to choose their leaders,” the statement declared.

 

However, it stressed that the Office of the Grand Chief Imam would remain above partisan politics.

 

The public was therefore urged to disregard any purported political endorsement, statement or directive attributed to the Grand Chief Imam unless officially issued by the appropriate office.

 

The office reaffirmed its commitment to peace, justice, responsible citizenship and the spiritual and social wellbeing of the people of Ogbomosoland, while praying for Allah’s continued guidance and ease in the affairs of the community.

 

Keep Politics Out of My Office — Ogbomoso Grand Chief Imam Warns Politicians, Bloggers

 

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