Money supply (M1), also known as narrow money, declined by 0.56 percent to N24.02 trillion in August 2023 from N24.16 trillion in July.
M1 money supply includes currency in circulation and money in deposit accounts that can easily be turned into cash.
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Data from the Central Bank of Nigeria (CBN) also showed that money supply M3, fell marginally by 0.03 percent to N65.45 trillion in the month under review compared to N65.47 trillion in the previous month.
“The decline is really too immaterial to make any sense of it and might just be a normal part of economic activities,” Yemi Kale, partner & chief economist, KPMG Nigeria, said.
