In June 2023, Nigeria’s money supply (M2) reached a record high of N64.3 trillion, increasing significantly by 15 percent (N8.8 trillion) from N55.5 trillion recorded in May, according to the Money and Credit Statistics of the Central Bank of Nigeria (CBN). The money supply represents the total amount of money available in the economy at a specific time, which includes physical currency and various deposits held by individuals, businesses, and institutions in banks and financial institutions. The increase can be attributed to the supreme court’s judgement on the Naira redesign, which permitted the simultaneous use of old and new notes until the end of the year, and a re-evaluation of some dollar-based investments following the liberalisation of the forex market earlier in June.
August 14, 2023
Nigeria Economic Update (Issue 29)
Related
Nigeria Economic Update (Issue 34)
Recent NBS data shows a significant decline in
power generated in 2016Q2. Precisely, power generated declined by 31 percent
(quarter on quarter) from a total quarterly average of 92,352 MWH in 2016Q1 to
63,692.39 MWH in 2016Q2. Remarkably, the reoccurrences of pipeline
vandalism in 2016Q2 prompted the shortage of gas for power generation. Thus,
there were about eight recorded system collapses in the quarter which led to
several days of power outages. However, subsequent quarterly declines in power
generation could be averted if efforts to repair vandalized pipelines and adopt
hydro sources are intensified.