{"id":114167,"date":"2024-08-29T21:19:25","date_gmt":"2024-08-29T20:19:25","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=114167"},"modified":"2024-08-29T21:19:25","modified_gmt":"2024-08-29T20:19:25","slug":"currency-outside-banks-drops-to-n3-66tn-cbn-report","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/currency-outside-banks-drops-to-n3-66tn-cbn-report\/","title":{"rendered":"Currency outside banks drops to N3.66tn \u2014 CBN report"},"content":{"rendered":"<div id=\"m#msg-f:1808740201693732065\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">Currency held outside of Nigeria\u2019s banking system dropped to N3.66tn in July, about 3.32 per cent lower than it was in the previous month.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">\nThis was disclosed in Money and Credit data available on the website of the Central Bank of Nigeria.<\/p>\n<p>This showed that the amount outside banks dropped to 90.39 per cent from 93.59 per cent of the currency in circulation recorded in June 2024.<\/p>\n<p>The value of currency in circulation rose in July to N4.05tn from N4.04tn.<\/p>\n<p>From the beginning of the year, the amount of money in circulation rose by 11.05 per cent compared to 56.17 per cent rise in the same period in 2023.<\/p>\n<p>Members of the Monetary Policy Committee of the Central Bank of Nigeria have blamed the excess cash in circulation for the accelerating inflation in the country.<\/p>\n<p>Also, money supply (M3), which is a broad measure of the total amount of money in an economy, hit a high of N106.27tn in July 2024, amid tightening measures by the CBN.<\/p>\n<p>The apex bank has maintained a hawkish stance in a bid to rein in inflation.<\/p>\n<p>At its last Monetary Policy Committee meeting in July 2024, the CBN raised the MPR by 50 basis points to 26.75 percent from 26.25 in June 2024.<\/p>\n<p>Meanwhile, credit to the private sector continued its upswing to N75.48tn year-on-year in July 2024. On a month-on-month basis, banks\u2019 credit to the private sector increased by 3.13 per cent from N73.19tn in June 2024.<\/p><\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Currency held outside of Nigeria\u2019s banking system dropped to N3.66tn in July, about 3.32 per cent lower than it was in the previous month. This was disclosed in Money and&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":67910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-114167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Currency outside banks drops to N3.66tn \u2014 CBN report - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/currency-outside-banks-drops-to-n3-66tn-cbn-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Currency outside banks drops to N3.66tn \u2014 CBN report - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Currency held outside of Nigeria\u2019s banking system dropped to N3.66tn in July, about 3.32 per cent lower than it was in the previous month. 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