Cash outside Nigeria's banking system declined for the second consecutive month in July, falling by N118.67 billion (2.41%) to N4.80 trillion, the lowest level in eight months. This follows a 5.22% decline in June, bringing the two-month contraction to N389.64 billion (7.5%) from May's level. Total currency in circulation also fell by 2.55% to N5.38 trillion in July. The decline suggests a gradual shift in liquidity composition towards bank-intermediated activity, even as credit to the private sector continues to expand.
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