Govt, banks, lodge N13.9 trillion in CBN

By Collins Nweze

The Central Bank of Nigeria (CBN) received N13.97 trillion deposits from the Federal Government and commercial banks in 30 days, the apex bank’s economic report released on Monday has shown.

Further analysis of the report, which is for the last month of 2019, showed a dip in private sector deposit with the apex bank. It also showed that currency outside banks dipped.

Of the total deposits at the CBN, the shares of the Federal Government, banks and the private sector were 45.7 per cent, 38.6 per cent and 15.7 per cent, respectively, the report added.

According to the report, reserve money rose by 6.4 per cent to N7.44 trillion with the upward movement in reserve money showing, mainly, the eight per cent increase in deposits of banks with the CBN.

The currency-in-circulation, on month-on-month basis recorded 2.5 per cent increase, growing to N2.55 trillion in contrast to the decline of 0.7 per cent at the end of the preceding month.

During the review period, the…

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