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Money In Circulation Hits N1.794tr

naira-notes

By Modupe Gbadeyanka

A new data released by the Central Bank of Nigeria (CBN) on its website has revealed that the value of currency-in-circulation is now N1.794 trillion at the end of September 2016.

This, it said, is in contrast to the N1.679 trillion it recorded at the end of August 2016.

Also, the country’s apex bank disclosed that broad money (M2), which generally is made up of demand deposits at commercial banks and monies held in easily accessible accounts, increased marginally year-on-year from N21.647 trillion as at August 2016, to N22.133 trillion at the end of September.

However, the narrow money (M1), which comprises all physical monies such as coins and currency along with demand deposits and other assets held by the central bank climbed year-on-year to N9.949 trillion in the review month, as against the N9.125 trillion recorded the previous month.

The CBN’s data further showed that banking sector credit to the private sector decreased slightly year-on-year to N22.593 trillion at the end of September, compared with the N22.664 trillion it stood the previous month.

In addition, currency outside banks increased to N1.477 trillion in September, from N1.369 trillion as at the end of August.

The data further revealed that demand deposits, which are funds held in an account from which deposited funds can be withdrawn at any time without any advance notice to the depository institution, increased from N7.756 trillion in August, to N8.472 trillion in the month under review.

The latest central bank’s money and credit statistics also revealed that quasi money, which is made up of highly liquid assets that can easily be reserves as reduced to N12.184 trillion as at September, compared with the N12.521 trillion the previous month.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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