The development relative to the preceding quarter reflected mainly the 19.4 per cent and 7.5 per cent increase in its currency outside banks and demand deposit components respectively. Total deposits at the CBN amounted to N15.7tn at the end of December 2018, indicating a 6.5 per cent increase above the level at the end of September 2018. Of the total deposits at the CBN, the shares of the Federal Government, banks and private sector deposits were 49.6 per cent, 30.6 per cent and 19.8 per cent respectively. On money market development, the CBN disclosed that it was generally stable in the fourth quarter of 2018. The increase was as a result of the 12.5 per cent and 1.5 per cent increase in bankers’ acceptances and FGN bonds outstanding, respectively, during the quarter under review.

Source: Punch February 17, 2019 23:09 UTC