Banks credit to government drops, as currency in circulation rises by 6.32%

Money supply, also known as M3, has dropped by 0.43 percent in one month according to the Central Bank of Nigeria (CBN).

Data from the CBN showed that money supply declined to N55.80 trillion in May 2023 from N56.04 trillion in April of the same year.

Similarly, credit to the government declined by 0.22 percent to N30 trillion in May 2023 compared to N30.76 trillion recorded in the previous month.

Currency in circulation increased by 6.32 to N2.52 trillion in May 2023 from N2.37 trillion in April of the same year, the day indicated.

Details later…