
The amount represented an improvement of 0.95 per cent or N146 billion, compared to the N15.262 trillion recorded in March as aggregate domestic credit (net), according to the CBN, grew by 17.46 per cent in April 2013.
This, it said, annualised to a growth rate of 52.38 per cent over the end-December 2012 level, compared to the contraction of 6.12 per cent recorded in the corresponding period of 2012.
But the Central Bank’s Money and Credit statistics showed that narrow money (M1), which includes all physical monies such as coins and currency along with demand deposits and other assets held by the apex bank, decreased to N6.764 trillion in April, as against the N6.854 trillion it attained in March.
However, the broad money (M2), which generally is made up of demand deposits at commercial banks and monies held in easily accessible accounts climbed to N15.623 trillion in April, from N15.585 trillion in March.
According to the bank, when annualised, M2 grew by 13.3 per cent, compared to the contraction of 0.03 per cent in the corresponding period of 2012. The growth in M2 was slightly below the growth benchmark of 15.2 per cent for 2013.
Source: The Sun
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