Amount Of Money In Circulation In Nigeria Rises To 2.329 Trillion Naira
At the end of December 2018, the currency in circulation rose by 20.9% to 2.329 trillion naira, compared with the growth of 1.4% at the end of September 2018.
This was contained in the Central Bank of Nigeria 2018 fourth quarter report.
According to the CBN report, total deposits at the CBN amounted to 15.7 trillion naira at the end of December 2018, indicating a 6.5% increase above the level at the end of September 2018.
The increase was attributed to 13.0% and 9.5% rise in the other deposits of the private sector and the Federal Government respectively.
Of the total deposits at the CBN, the shares of the Federal Government, banks and private sector deposits were 49.6%, 30.6% and 19.8% respectively.
Reserve money rose by 4.9% to 7.135 trillion naira at the end of December 2018, compared with the increase of 7.0% at the end of September 2018. The development reflected the increase in total bank reserves.
On money market development, the CBN disclosed that it was generally stable in the fourth quarter of 2018.
Cash availability was boosted by inflow from fiscal injections, Federal Government bonds, Nigerian treasury bills and maturing CBN bills.
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