Macroeconomic Report & Economic Updates

January 27, 2017

Nigeria Economic Update (Issue 3)

Provisional Monetary
statistics by the CBN show an increase in currency in circulation a portion
of overall money supply. Specifically, currency in circulation rose
(Month-on-Month) by 14.2 percent to N2.2 million in December 2016 
the highest Month-on-Month increase recorded for the year 2016. The rise in currency-
outside-bank may be attributed to the growing demand for cash balances for
spending activities during the festive period. This development would largely compound
the liquidity problem associated with TSA implementation and ongoing CBN
monetary tightening as deposit money banks might be cash-strapped. Going
forward, efforts should be geared towards intensifying initiatives that promote
a cashless economy that encourages cashless transactions.

Download Label
March 13, 2018 - 4:00 am
application/pdf
371.67 kB
v.1.7 (stable)

Related

 

Nigeria Economic Update (Issue 38)

Available data from NBS shows that Aviation sub-sector of the transport sector grew by o.15 percent in real terms in 2017Q2 down from 1.53 percent in 2017Q15. The decline is likely attributable to fall in year-on-year passenger and aircraft movement in the sub-sector, following increased air fare charges.