Recent data obtained from the Central Bank of Nigeria, CBN, has revealed that the total value of the currency in circulation in the Nigerian economy surgd significantly to N1.818 trillion at the end of March, compared to the N1.622 trillion it was at the end of February.
The latest Central Bank money and credit statistics obtained on Wednesday, July 29, also showed that broad money (M2), which generally is made up of demand deposits at commercial banks and moneys held in easily accessible accounts leaped to N19.142 trillion as at March, from N18.871 trillion at the end of February.
Similarly, Narrow Money (M1), which includes all physical moneys such as coins and currencies along with demand deposits and other assets held by the central bank, also grew from N6.729 trillion in the month of February, to N6.729 trillion in the month of March.
According to the latest central bank money and credit statistics for March obtained, the total amount of Deposit Money Banks’ (DMBs’) reserves with the CBN increased to N4.118 trillion as at March, as against the N4.079 trillion it stood at the end of February.
Furthermore, the report showed that currency outside banks increased from N1.302 trillion to N1.471 trillion during the period under review, while demand deposits which are funds held in an account from which deposited funds can be withdrawn at any time without any advance notice to the depository institution increased from N5.427 trillion as at February, to N5.522 trillion in March.
However, credit to the private sector decreased slightly from N18.711 trillion in February, to N18.579 trillion in the month under review. Net Domestic Assets also grew marginally to N13.156 trillion in March, from N13.033 trillion the previous month, while Net Foreign Assets climbed marginally to N5.985 trillion in the month of March, as against the N5.837 trillion it attained in February.