Nigeria’s money supply heightened to N64.3 trillion in the month of June 2023 the highest we have ever documented in Nigeria.
This compares to N55.5 trillion recorded in the month of May or a whopping N8.8 trillion increase. This is according to the latest data from the central bank of Nigeria as contained in its money and credit stats.
The money supply, also known as M2, refers to the total amount of money available in an economy at a specific point in time.
It incorporates physical currency, such as coins and banknotes, as well as various types of deposits held by individuals, businesses, and institutions in banks and other financial institutions.
Why this matters: Money supply serves as an important indicator for assessing interest rates and the potential for inflation in a given period.
Nigeria’s money supply increased to N64.3 trillion in the month of June 2023 the highest we have ever recorded in Nigeria.
This compares to N55.5 trillion recorded in the month of May or a whopping N8.8 trillion increase. This is according to the latest data from the central bank of Nigeria as contained in its money and credit stats.
The money supply, also known as M2, refers to the total amount of money available in an economy at a specific point in time.
It encompasses physical currency, such as coins and banknotes, as well as various types of deposits held by individuals, businesses, and institutions in banks and other financial institutions.
Why this matters: Money supply serves as a significant indicator for assessing interest rates and the capacity for inflation in a given period.
Edited by Damilola Adeleke
Discover more from DnewsInfo
Subscribe to get the latest posts sent to your email.
