Currency in circulation increased by N58.36 billion as it rose from N2.79 trillion in August to N2.84 trillion in the month of September.
This was according to the latest figures obtained from the Central Bank of Nigeria.
Analysis of the data obtained by our correspondent showed that the currency in circulation also rose to N2.81 trillion in July, from N2.74 trillion at the end of June. It fell to N2.79 trillion in May from about N2.80 trillion at the end of April.
According to the CBN, the broad money supply rose to 5.83 per cent in August from 2.91 per cent in July. It said this was largely driven by the growth of net foreign assets and net domestic assets by 12.35 and 4.30 per cent respectively in August 2021, compared to 1.84 and 3.17 per cent in July.
The apex bank said the growth in net foreign assets was largely driven by an increase in foreign asset holdings of commercial and merchant banks.
It said the increase in net domestic assets reflected the boost to aggregate credit net, which increased to 8.14 per cent in August from 5.71 per cent in July.
In the money market, the monthly weighted average interbank call and open buyback rates increased to 13.45 and 12.97 per cent in August respectively from 10.72 and 11.60 per cent in July.