Central Bank of Nigeria
Financial System, Finance, Nigeria, Second Quarter
Money supply, Ml declined by_ a further 3.5 per c~nt in the second quarter of 1987 followmg the seasonal decline of 3.8 per cent in the first quarter. The broader ~easure of money stock, M2 which declined by 0.8 per cent m the first quarter, showed an increase of 1.4 per cent in the second quarter. While sharp declines in "other" assets (net) ~d foreign assets depressed Ml in the first quarter, the ma1or contractionary factor in the second quarter was the sharp increase in quasi-money. The pace of expansion of banking system credit to the domestic economy quickened in the second quarter following the increase of 0.6 per cent in the first quarter.
CBN Economic and Financial Review
Central Bank of Nigeria (1987). Developments in the Financial System during the Second Quarter of 1987. CBN Economic and Financial Review. 25(2), 2-8.