SUN SEPT 01 2024-theGBJournal| Nigeria’s money supply (M3) hit a record N106.27 trillion in July, marking a 62.66% increase from July 2023, despite the Central Bank of Nigeria’s (CBN) tightening measures.
The CBN has countered inflationary pressures with tools like Open Market Operations (OMO), treasury bills, and raising the Monetary Policy Rate (MPR) by 50 basis points to 26.75% in July 2024.
Additionally, the CBN plans to issue N2.20 trillion in treasury bills in Q4 2024. Currency in circulation (CIC) grew 56.18% year-on-year to N4.053 trillion, reflecting increased economic activity and government spending.
However, currency outside banks (COBs) fell 3.43% month-on-month to N3.66 trillion but surged 65.61% year-on-year. Credit to the government dropped 31.19% to N19.006 trillion in July 2024, while loans to the private sector climbed 33.69% year-on-year to N75.48 trillion, driven by high demand due to rising costs.
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