Nigeria’s money supply dropped marginally to N92.3 trillion in March 2024 from N93.9 trillion in February.
Gatekeepers News reports that this was contained in a recent data from the Central Bank of Nigeria.
Experts have linked the development to CBN’s hike in interest rates.
Demand deposits increased from N26.8 trillion to N28.8 trillion, suggesting a preference among depositors for more liquid forms of money.
Similarly, currency outside banks surged from N3.4 trillion to N3.6 trillion as more Nigerians moved towards cash following the end of the apex bank’s controversial new naira note policy.
