Lagos - Tight liquidity conditions in the domestic money market have left commercial banks excess reserves with the Central Bank of Nigeria (CBN) reduced to N2.962 trillion as at October 2013, reports ThisDay.
According to the CBN, money and credit statistics for October, the amount represented a reduction by N214 billion or 9 per cent, over the N3.176 trillion recorded in September.
Just like the previous month, credit to the private sector reduced slightly to N16.276 trillion at the end of October from N16.279 trillion in September, just as currency outside banks during the month under review slipped marginally to N1.249 trillion as against the N1.168 trillion it was in September.
Demand deposits for October also fell to N5.211 trillion from N5.125 trillion as at September.
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