By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE) – The Central Bank of Nigeria (CBN) said on Tuesday currency-in-circulation (CIC) rose 3.4 percent to N1.548.3 billion at the end of the third quarter (Q3) of 2014 compared with the increase of the same margin at the end of the corresponding quarter of 2013, the CBN said in its Q3 2014 economic report released on Tuesday.

According to the report, the 3.4 percent increase in CIC in the review period is contrary to the 4.9 percent decline at the end of the preceding quarter of 2014. “The development relative to the preceding quarter was attributed, largely, to the 6.9 percent rise in currency outside banks,” the CBN said.

On the otherhand total deposits at the CBN declined by 2.9 percent to N6, 683.2 billion, compared to the increase of 1.0 percent at the end of the second quarter of 2014. “The development reflected, largely, the 9.6 percent fall in Federal Government deposits, which more than offset the 3.4 and 4.4 percent increase in the deposits of banks and “Others”, respectively,” the CBN’s 2014 Q3 economic report affirmed.

CBN says of the total deposits, the shares of the Federal Government, banks and ‘’Others’’ were N3, 047.3 billion (45.6 percent), N3,334.4 billion (49.9 percent) and N301.5 billion (4.5 percent), respectively.

Also, the CBN’s Q3 2014 economic report affirmed that reserve money (RM), at N4, 882.7 billion, rose by 3.4 percent compared to the 6.2 percent decline recorded at the end of the preceding quarter.

“The development, relative to the level at the end of the preceding quarter, was attributed to the increase of 3.4 apiece in its currency and demand deposit components,” the CBN reported.