Kayode Tokede
Latest data released by Central Bank of Nigeria (CBN) has revealed that money supply in the economy recorded the highest growth in 10 years, gaining 9.14 per cent or N4.46 trillion Year-till-Date (YtD) to N48.87 trillion in June of this year.
The National Bureau of Statistics (NBS) last Thursday in its Consumer Price Index (CPI) disclosed that Nigeria’s inflation rate reached a 65-month high of 18.6 per cent in June 2022 from 17.71 per cent in May. Inflation had opened January 2022 at 15.60 per cent.
CPI measures the average change over time in price of goods and services consumed by the general public for day-to-day living i.e it measures the inflation rate.
The significant increase in money supply reflects increasing demand for cash by the general public caused by continued rise in prices of goods and services, evidenced by the fifth consecutive months rise in the inflation this year.
According to THISDAY findings, the surge in…
Source: Thisday Newspaper
