Total Deposits with CBN Up 4.2% to N6.96trn

Total deposits at the CBN at the end of the review month amounted to N6.962 trillion in October, indicating an increase of 4.2 per cent above the level at the end of the preceding month.
Analysts said the additional monies quarantined from the Deposit Money Banks (DMB) recently may have contributed to the rise in central bank deposits.
The Central Bank of Nigeria (CBN) also disclosed that the amount of currency-in-circulation declined by 0.9 per cent on month-on-month basis to N1.534 trillion in October. This is in contrast to the growth of 3.1 per cent recorded at the end of the preceding month. The development, relative to the preceding month, according to the CBN economic report, reflected largely, the 4.6 per cent fall in its currency outside bank component. The provisional data also indicated that the total value of money market assets outstanding in October 2014 stood at N7.536 trillion. This represented an increase of 2.2 per cent over the level in the preceding month. Also, the development reflected the 1.8 and 2.7 per cent increase in outstanding FGN bonds and treasury bills, respectively.

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