Kayode Tokede, Lagos –
The Central Bank of Nigeria (CBN) has disclosed that Naira in circulation has increased to N1.79 trillion in October 2017, a month-on-month (m-o-m) growth of 0.6 per cent.
CBN in September had reported N1.78 trillion in circulation, the second lowest, after N1.76 trillion it reported in July this year.
Data from the CBN on Naira in circulation was estimated at N1.86 trillion in August 2017, 5.6 per cent increase over N1.76 trillion it had reported in July.
The currency in circulation, which is the physical money used for transactions between consumers and businesses, had opened 2017 at N1.99 trillion and closed in February at N1.97 trillion, both retaining highest currency in circulation.
However, the apex bank’s total assets hits N22 trillion, a 2.3 per cent m-o-m increase over N21.6 trillion in prior month while total deposits rose by 4.6 per cent to N18.1 trillion from N17.3 trillion in August.
The depository corporations’ survey for September thus showed a 0.47per cent m-o-m increase in Broad Money to N21.95 trillion in September – as Net Foreign Assets (NFA) increased m-o-m by 3.26per cent to N10.05 trillion, thus offsetting a m-o-m 1.77per cent fall in Net Domestic Assets (NDA) to N11.90 trillion.
On asset creation, the increase in NDA resulted from a 0.61 per cent m-o-m rise in Net Domestic Credit (NDC) to N26.98 trillion, accompanied by a 2.58 per cent increase in Other Liabilities (net) to N15.08 trillion.
A breakdown of NDC showed a 2.89per cent m-o-m increase in Credit to the Government to N4.46 trillion which significantly outpaced the 0.11per cent increase in Credit to the Private sector to N22.02 trillion as the public sector continued to crowd-out the private sector.
The mild growth in credit to the private sector was, in part, informed by decreasing appetite for risk assets by lenders in the face of high yield safe assets. Increase in Broad Money also followed a 0.59per cent m-o-m decline in Quasi Money (near maturing short term financial instruments) to N11.89 trillion, accompanied by a 1.75per cent rise in Narrow Money to N10.06 trillion of which Demand Deposits increased by 3.12per cent to N8.63trillion.
Indicative of tightened monetary policy conditions, Reserve Money (Base Money) also increased m-o-m by 1.33per cent to N5.56 trillion as bank reserves increased m-o-m by 4.92per cent to N3.43 trillion.
Niger Targets Poorest Communities With N1.2bn World Bank Scheme
The Niger State government has obtained N1.2 billion from the World Bank Assisted Community Service Development Project to improve the...
Nasarawa Upgrades Specialist Hospital
Determined to ensure the wellbeing of residents, the Nasarawa state government has upgraded the only tertiary healthcare hospital in the...
Nigerians in Diaspora : John Oluseun Dabiri An American-Based Nigerian Biophysicist
John Oluseun Dabiri who, was born in 1980, is a Nigerian-American biophysicist, professor of aeronautics and bioengineering, currently at the...
Pan Holds On To Mother Tongue Through Bible Translation
In order not to allow Pan language go extinct, the Pan-speaking natives of Quanpan local government council of Plateau have...
No Plans To Witch-hunt Bauchi’s Outgoing Administration – Gumba
Senator Ibrahim Gumba is chairman of the Transition Committee in Bauchi State. In this interview with BEATRICE GONDYI, he speaks...
Power Play In PDP As Bayelsa Conducts LGPolls
The Bayelsa State Independent Electoral Commission (BSIEC) has fixed July 27 for the conduct of the local government election into...
CRIME18 hours ago
Bandit Attacks: Katsina Emirate Suspends Sallah Durbar
NEWS21 hours ago
Edojobs-Backed Startups Pitch To Investors, Seek To Expand Clientele Base
Others21 hours ago
Miracle: Day-Old Baby Buried By Mother, Found Alive 2 Days After
NEWS21 hours ago
Bagudu Bids Farewell To Commissioners After Valedictory Session
NEWS3 hours ago
Egbin Power Station: Host Communities Lament Irregular Power Supply
NEWS18 hours ago
Libel: Magu Drags 247Ureport To Court
OPINION18 hours ago
Theresa May was a disaster as Prime Minister
NEWS18 hours ago
Kano Govt Budgets N119m To Tackle Flood