The money supply in Nigeria increased to N64.9 trillion in July 2023, the money and credit statistics report obtained from the Central Bank of Nigeria (CBN) on Tuesday showed.
According to the report, the money supply rose by N600 billion or 0.93 per cent from the N64.3 trillion recorded in June of the same year.
Although this falls short of the N8.8 trillion increase recorded in June when the money supply rose from N55.5 trillion in May.
Some of the components of the money supply are quasi-money, deposits in banks and currency outside the banks, according to the apex bank.
The financial regulator revealed that quasi-money, a financial tool that is cash convertible, rose to N40.76 trillion, from N39.86 trillion last month.
But demand deposits/bank deposits fell from N22.23 trillion to N21.94 trillion, while currency outside the bank dropped to N2.20 trillion, from N2.26 trillion.
The central bank further revealed in the data that Narrow money, also known as physical cash, went from N24.49 trillion to N24.15 trillion.
Other figures noted in the money and credit statistics report disclosed that the currency in circulation depreciated from N2.60 trillion in June to N2.59 trillion in July.
Reserve Money used by the CBN and other financial institutions for investments and other financial obligations increased to N17.37 trillion from N17.71 trillion.
During the review period, it was also disclosed that credit to the government grew from N31.23 trillion to N32.30 trillion.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
In Niger, communities suffer as multi-billion naira Auna Dam project remains uncompleted despite 38 years of investments
In Niger State, the over 20 communities around Auna River have had their hopes for fresh water, electricity supply and...
INVESTIGATION: Years after, 15km Eleme-Onne end of East-West Road remains death-trap despite billions released
In this report, ARINZE CHIJIOKE chronicles the sufferings of road users on the 15km Eleme-Onne end of the East-West Road...
Gaza attacks intensify as 12 Thais, 10 Nepalese killed in Israel
The current violence in Israel has claimed the lives of at least 12 Thai people and 10 Nepalese individuals. Eight...
INVESTIGATION: Poorly executed classroom projects force children out of school in Niger State
Once a vibrant hub of learning for pupils, Kodo Primary School now resonates a stark contrast to its former days...
SPECIAL REPORT: Shell’s inaccurate data raises questions around efforts to control methane emissions in Nigeria
Much worse for the environment than carbon dioxide, despite global efforts to control methane, emissions continue soaring. With over a...