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Home Business News

Currency in circulation increases by N240 billion in one month

Fakoyejo Olalekan by Fakoyejo Olalekan
February 5, 2020
in Business News, Spotlight
parallel market, Covid-19: N3.5 trillion disbursed as stimulus package for the Nigerian economy, CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited, Key highlights of the October 2020 Business Expectations Survey Report, A Total of N3.5 trillion was disbursed in the wake of the COVID-19 pandemic, in addition to several other interventions to reflate the economy - CBN, BOFIA 2020: Steps forward or backwards for Nigerian banks, Total credit to the economy rose to N19.54trillion – CBN Governor

CBN Governor Godwin Emefiele

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The currency in circulation increased by N240 billion between November and December 2019. This was stated in the  Central Bank of Nigeria’s (CBN) Money and Credit Statistics report.

The report stated that at the end of the 2019 financial period, about N2.44 trillion was in circulation, rising from N2.2 trillion at the end of November. In October, about N2.05 trillion was in circulation.

The CBN said, “Currency-in-circulation at end-November 2019, rose by 9.9% to N2.2trillion, in contrast to the decline of 0.4% at the end of third quarter 2019. The development, relative to the level in the preceding quarter, reflected, mainly, the increase in its currency outside banks component, and seasonal factors.”

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Meanwhile, an increase of 3.6% was recorded at the end of third quarter 2019 after total deposits at the CBN amounted to N14.35 trillion. This was attributed to 14.3% and 3.1% increase in the deposits of the Federal Government and the commercial banks, respectively.

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According to the report by CBN, the Federal Government, banks and private sector total deposits were 47.4%, 35.9%, and 16.7%, respectively. Reserve money grew by 5.0% to N7.35 trillion at the end of November 2019, in contrast to the decrease of 13.5% at the end of the third quarter of 2019. This is due to an increase in Federal Government and banks’ deposits with the CBN.

Also, in the fourth quarter of 2019, the apex bank said it maintained the monetary policy rate at 13.50%. Meanwhile, broad money supply (M3), on a quarter-on-quarter basis, grew by 4.1% to N36.47 trillion at end-November 2019, compared with 0.4% and 8.1% increase at the end of third quarter 2019 and fourth quarter of 2018, respectively.

[READ MORE: Hurdles before CBN, as ABP beneficiaries fail to repay loan)

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Nairametrics learnt that the development reflected wholly on the 2.0% increase in net foreign assets which more than offset the 1.2 and 10.6% decline in net domestic credit and other assets (net) of the banking system, respectively.

Broad money supply (M3) grew by 9.3% at end-November 2019 over the level at end-December 2018, compared with the growth of 5.1 and 16.4% at end of third quarter 2019 and fourth quarter of 2018, respectively.

CBN disclosed that the growth in (M3) reflected the 28.8% increase in domestic credit (net), which more than offset the 22.8% and 4.9% decline in net foreign assets and other assets (net) of the banking system, respectively.

It was also stated that at end-November 2019, Narrow money supply (M1) fell by 1.7% to N10,930.57 on a quarter-on-quarter basis, compared with the decline of 0.4% at the end of third quarter 2019.

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Tags: Broad money supplyCBNCentral Bank of NigeriaNarrow money supply

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