Data from the Central Bank of Nigeria’s (CBN) money and credit statistics for July 2017has revealed that currency-in-circulation dropped to N1.769 trillion at the end of July, compared with the N1.873 trillion position it was the previous month, while banks’ reserves increased to N3.446 trillion as at July, from N3.266 trillion.
Also, quasi money, which is highly liquid assets other than cash, that can be quickly converted, stood at N11.874 trillion as at the review month, from N11.790 trillion of the preceding period.
Banking sector credit to the private sector increased year-on-year to N22.172 trillion at the end of July 2017, compared with the N21.978 trillion it stood at the end of June 2017.
Also, broad money (M2), which generally is made up of demand deposits at commercial banks and monies held in easily accessible accounts climbed year-on-year to N22.200 trillion as at July, from N21.674 trillion at the end of June.
Similarly, 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 edged higher year-on-year to N10.325 trillion in the review month, as against the N9.883 trillion recorded the previous month.