Central Bank of Nigeria
Financial System, Finance, Nigeria, Fourth Quarter
Growth in monetary aggregates accelerated during the fourth quarter, as the narrow measure of money stock (Ml) rose substantially by 20.2 per cent, compared with 5.0 per cent in the preceding quarter. The major factors responsible for this increase were increased government reliance on bank credit to bridge budgetary gaps and the traditional seasonal rise in demand for credit by the private sector. The broad money (M2) also rose as a result of the rise in Ml and the expansion in commercial banks' time and saving deposit liabilities, following the enhanced yield on these deposits.
CBN Economic and Financial Review
Central Bank of Nigeria (1987). Developments in the Financial System during the Fourth Quarter of 1987. CBN Economic and Financial Review. 25(4), 1-7.