6 per cent (Ivory Coast) to a high of 126 per cent (Nicer), ·vorith 19 countries recording rrowth of between 5 and 30 per cent. 14. The volume of money, or broad money, 8/ declined ir. 2 countries (f\1ali an a Seychelles) while increasing-in the remaining 30, where the rate of rrcwth varied between a low of 2.6 per cent (Sierra Leone) anc a hieh cf 87 per cent (Deanda). 15. The slow-oown in monetary expansion was mainly due to the ccntracticnary effect of e:xternal deficits, rather than the adcp­ti on of more restrained monetary policies. Net foreign assets dropped from a positive amount eauivalent to about $5 billion at the end of 1980 tc a nepative total of $1.2 billion one year late~. In fact, monetary policies remained expansionary, with the growth rate of domestic c re Oi t risine from 24 per cent in 1980 to 36 per cent j_n 1981. These over-all rates for Africa were heavily influenced by oevelopments in the Nigerian economy. Niperia 's fcreirn eychanre reserves were depleted in 1981, as a result of acverse movements in the world petroleum market; at the same time credit to the public sector increased by as ~uch as 93 per cent to finance the erowinr rovernment bucret deficit . • 99 E /E CA I c i·1 • 9 I 5 Table V.B.1 Frequency cistribution of countries according to the rates of growth of money supply (M1) and volume of money (M2) ~ 1981 Number of countries Rate of growth (Percentage) Money supply (M1 ) Volume of money (M2) Less than 0 3 2 0-5 1 3 5-10 3 4 10-20 6 5 20-30 10 7 30-40 4 4 40-50 - 1 4 50-60 2 2 60-70 0 0 80-90 0 1 100-110 1 0 120-130 1 0 
**Analysis**
The text appears to be discussing the economic performance of various countries in Africa, specifically the growth rates of money supply and volume of money. It mentions the impact of external deficits and government budget deficits on monetary expansion, as well as the role of Nigeria's economy in influencing overall African economic trends. This suggests that the text is focused on economic development and its related aspects.

**Category**
Economic development, International trade