By Modupe Gbadeyanka
In its efforts to tackle the increasing inflation rate, the Central Bank of Nigeria (CBN) has reduced the amount of money in circulation.
The apex bank noted that it hopes this latest move addresses the issue.
It would be recalled that last week, the revenue shared among the three tiers of government could not boost the quantity of money in circulation because the financial system regulators had sold debt instruments to mop up the cash.
The CBN used the Open Market Operations to withdraw N8.3 billion, while the short-dated treasury bill’s issuance attracted N177 billion.
Besides, the week also coincided with the period of Cash Reserve Ratio deductions.
Additional information from Guardian
Adedapo Adesanya