Currency-in-circulation rose by 21.5 percent to N2.2 trillion in the last quarter of 2016, relative to the level in the third quarter of 2016, according to the Central Bank of Nigeria (CBN).
The development was due, largely, to the increase in its currency outside banks component.
The economic report for the fourth quarter released o Friday last week by the CBN showed that total deposits at the CBN amounted to N12.4 trillion, indicating an increase of 2.7 per cent above the level at the end of the third quarter of 2016.
The development reflected an increase in the private sector and Federal Government deposits in the review quarter.
Of the total deposits at CBN, the shares of the Federal Government, Banks and „‟Others‟‟ were N5.22 trillion (42.1per cent), N3.7 trillion (29.6per cent) and N3.5 trillion (28.3per cent), respectively.
Reserve money (RM) fell by 5.4 per cent to N5.8 trillion at the end of the fourth quarter of 2016 , reflecting a decrease in DMBs ‟reserves with the CBN. Over the level at end-December 2015, reserve money rose by 0.4 per cent.
HOPE MOSES-ASHIKE
