Money supply in Nigeria now N64.9trn, credit to govt hits N32.30trn —CBN

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.

READ ALSO:CBN releases new guidelines for forex sale by BDCs two years after ban

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.

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