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CBN Quarterly Economic Report: Currency-in-circulation (CIC) Increases by 9.9 Percent to N2.2 Trillion.

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According to the quarterly economic report released by Central Bank of Nigeria (CBN) on Monday, the total fiat money currency-in-circulation (CIC) has risen by 9.9 percent to N2.2 Trillion. 

The economic report shows that the total deposits at the CBN amounted to N14.35 trillion at end of last November 2019. Which is an increase of 3.6 percent above the level at the end of the third quarter of the year 2019.  

The increase in the number in circulation is as a result of the 14.3 percent and 3.1 percent increase in the deposits of the Federal Government and the commercial banks, respectively. 

Out of the total deposits at the CBN. The Federal Government has a total share of 47.4 percent while has 35.9 percent and private sector deposits coverd 16.7 percent. 

The money on reserve increased by five percent to N7.35 trillion at the end of last November 2019. This is in contrast to the decrease to 13.5 per cent at the end of third quarter of last year. It reflects in in the deposits made by the federal government and banks at the CBN.

There was also an increase in the money market assets to N12.76 billion at the fourth quarter of last year. This development, according to the report is as a result of the outstanding 3.1 percent increase in FGN Bonds during the quarter under review.

Also, the revenue generated by the federal government in the fourth quarter of 2019 was below both the provisional quarterly budget and receipts in the preceding quarter by 30.8 and 10.6 percent respectively. Its largerly attributed to the shortcomings in receipt from both oil and non-oil revenue during the quarter under review.

Meanwhile, according to the economic report, a total estimate of N1.13 trillion in deficit was recorded in the fourth quarter. The Provisional Federal Government retained revenue at N938.72 billion, while total estimated expenditure amounted to N2.07 trillion. 

Under The Review Report: Prominent Sectors Contributing To the Gross Domestic Product. 

Agriculture was a prominent factor where harvest of cash crops and root crops were dominant. Under livestock production, mostly in cattle and poultry farming, the end-period headline inflation, on year-on-year basis for the fourth quarter of 2019, stood at 11.98 percent.

Solution: 

The Central Bank of Nigeria is embarking on its cashless policy and financial inclusion stategies. It is encouraging online banking services by reducing fee charges on using various banking services in Nigeria to encourage cashless policy. 

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