Nigeria’s money supply decreased slightly to N92.3 trillion in March 2024 from N93.9 trillion in February, according to recent data from the Central Bank of Nigeria (CBN), reports Findwhosabi News.
Experts attribute this decline to the CBN’s recent hike in interest rates.
Despite the overall drop, demand deposits rose from N26.8 trillion to N28.8 trillion, indicating a shift towards more liquid forms of money among depositors.
Additionally, currency outside banks increased from N3.4 trillion to N3.6 trillion, as Nigerians moved towards cash following the conclusion of the CBN’s controversial new naira note policy.
