CURRENT REPORT BLOG In July 2023, Nigeria’s money supply surged to N64.9 trillion, as indicated by the Central Bank of Nigeria (CBN) report. The report highlights a 0.93% or N600 billion increase from the N64.3 trillion recorded in June of the same year. However, this growth is smaller than the N8.8 trillion rise witnessed in June when the money supply climbed from N55.5 trillion in May. The money supply encompasses components like quasi-money, bank deposits, and currency held outside banks, as defined by the central bank. Notably, quasi-money, a convertible financial tool, escalated from N39.86 trillion to N40.76 trillion last month, according to the financial regulator.
The rise of quasi-money to N40.76 trillion further emphasizes the evolving financial patterns within the economy. As these figures reflect an intricate interplay of economic factors, continued monitoring and analysis will be vital to understanding Nigeria’s monetary trajectory.
