The latest Central Bank of Nigeria (CBN) money and credit statistics for November, showed that the value of credit to the private sector increased marginally year-on-year to N16.452 trillion at the end of November 2013, an amount which represented a growth by N176 billion.
Also, currency-in-circulation increased to N1.571 trillion at the end of November, from N1.549 trillion in October.
The total amount of deposit money banks’ (DMBs’) reserves with the central bank however reduced to N2.892 trillion in the month under review, from N2.962 trillion the previous month.
Similarly, currency outside banks during the month under review increased to N1.298 trillion, from N1.249 trillion the preceding month, while demand deposits dipped to N5.080 trillion at the end of November, from N5.211 trillion at the end of October.
Also, the central bank’s money and credit statistics showed that narrow money (M1), which includes all physical monies such as coins and currency along with demand deposits and other assets held by the central bank reduced to N6.378 trillion in November, as against the N6.460 trillion it attained in October.
