The nation’s federally collected revenue for the third quarter of this year rose by 8.9 percent to N2.52tn, compared to the previous quarter, the Central Bank of Nigeria has said.
The CBN, in its economic report for the third quarter of 2018 released on Monday, said, “Federally collected revenue, at N2.52tn, in the third quarter of 2018, was 24 percent lower than the proportionate budget estimate, but was 8.9 percent above the receipts in the preceding quarter.
The apex bank said it maintained a non-expansionary monetary policy stance in August 2018, aimed at further curbing inflationary pressure.
It said broad money supply, on a quarter-on-quarter basis, fell by 2.4 percent to N33.6tn at the end of August 2018, in contrast to the growth of two percent at the end of June.
The report said, “The development reflected, mainly, the 3.4 percent decrease in domestic credit (net) of the banking system. Over the level at end-December 2017, broad money supply grew by 7.9 percent, due to 18.6 percent and 6.2 percent increase in foreign assets (net) and other assets (net) of the banking system, respectively.
“On a quarter-on-quarter basis, narrow money supply fell by 6.9 percent, due to 2.3 percent and 7.7 percent decrease in its currency outside banks and demand deposits components, respectively.”
The CBN said developments in banks’ deposit rates were mixed, while lending rates trended downwards in the review quarter.
It said, “With the exception of the one-month and 12-months deposit rates, which rose by 0.28 and 0.07 percentage point to 9.12 percent and 10.07 percent, respectively, all other deposit rates of various maturities fell from a range 3.75 – 10.67 percent to 3.65 – 9.85 percent at end-September 2018.
“The average savings rate remained unchanged at 4.07 percent, same as at the end of the second quarter of 2018, while the average term deposit rate fell by 0.20 percentage points to 8.52 percent at end of the review quarter.