Nigeria’s Money Supply Reaches Record N95.56trn in Feb 2024

Fig 1: Cash outside depository corporations as a percent of all broad money Source: CBN Quarterly Statistical Bulletin.

Nigeria’s Money Supply Reaches Record N95.56trn in Feb 2024

Nigeria’s Broad Money Supply (M3) has reached a new record high of N95.56 trillion as of February 2024.

This figure represents a 79.29% increase from the previous year, despite the Monetary Policy Committee (MPC)’s recent pronouncements.

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This figure represents a substantial year-on-year growth of N42.26 trillion.

In February 2024, the money supply rose by 1.96% to N95.56 trillion, compared to N93.72 trillion in January. This represents a significant increase of N1.84 trillion over the course of a single month.

Data from the Central Bank of Nigeria (CBN) also shows that the money supply has increased by 79.29% year-on-year, from N53.3 trillion in February 2023.

Nigeria’s Money Supply (M2) also hit historical high of N93.9 trillion in February from a record N92.8 trillion established in January 2024.

Economic Confidential reports that Nigeria’s M3, a pivotal gauge of economic liquidity, has been on an upward trajectory, surging at an accelerated pace in recent years.