Money supply, M1, also known as narrow money, declined by 0.56 percent to N24.02 trillion in August 2023 from N24.16 trillion in July.
M1 money supply includes currency in circulation and money in deposit accounts that can easily be turned into cash.
Data from the Central Bank of Nigeria, CBN showed that money supply fell marginally by 0.03 percent to N65.45 trillion in the month under review compared to N65.47 trillion in the previous month.
Speaking on the situation, Yemi Kale, partner & chief economist, KPMG Nigeria, said the decline is too immaterial to make any sense of it and might just be a normal part of economic activities.
