The July 2023 money supply in Nigeria falls from N2.6 trillion to N2.59 trillion.
For the first time since the Naira swap crises, the value of the circulating currency in Nigeria decreased in July.
The decrease in the amount of currency in circulation in the nation is the result of factors like electronic payments and a decline in the demand for cash.
The CBN has been implementing a number of measures to stabilize the naira and reduce inflation.
The Central Bank of Nigeria (CBN) most recently reported that the amount of money in circulation in the West African nation decreased in July 2023.
According to the figures, the quantity of money in circulation decreased for the first time monthly since N982 billion was reached in February 2023 as a result of the naira swap crisis, falling to N2.59 trillion in July 2023 from N2.6 trillion in June 2023.
The amount of money stored outside of banks also drastically reduced in the month under review, falling from N2.26 trillion in June to N2.20 trillion, according to Nairametrics, a Nigerian business news publication.
The currency in circulation, a gauge of the volume of cash and coins available outside of the banking system, peaked in July 2022 at N3.2 trillion. It has since been declining as a result of Nigeria’s high inflation and declining currency.
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