Nigeria’s money supply rose by over N1 trillion between January and February, according to figures released by the Central Bank of Nigeria, CBN.
The apex bank said in its Money and Credit Statistics that its efforts to mop up cash, which has limited cash in the hands of Nigerians, forcing them to use internet banking for their daily business transaction, has not really paid off.
The CBN said money in circulation rose to N53.3 trillion from N52.2 trillion recorded in January.
This represents a 2.2 per cent increase to date compared to 0.3 per cent recorded in the comparable month where money supply increased from N53.14 trillion.
