N12.8b surprised in May — says CBN reports

The money supply at the end of May in the Nigeria economy stood at N12.8 billion.
This according to figures just released by CBN represents an increase of N22.8 million or 0.2 per cent over its previous month’s level.
The May reports of CBN said that a decline of N352.3 million or 2.7 per cent was recorded from its level at the end-December 1986 and an increase or n401.9 million or 3.2 per cent over its level in May 1986,.
According to the monthly report, the expansionary impact of the increase in bank credit to the domestic economy and the other assets of the banking system was substantially moderated by the contractionary effect of the decline in foreign assets (net) of the banking system and the increase in quasi-money.

The report also stated that following largely the increase in quasi-money, the broader measure of money supply increased by N269.1 million or 1.1 per cent to N25,1 billion during the month compared with N625.5 million or 2.7 per cent a year earlier.

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