NewStats: 3,262,179 , 8,176,349 topics. Date: Sunday, 01 June 2025 at 08:03 AM 23455u

Nigeria’s broad money supply surged to a historic high of N93.72 trillion as of January 2024, marking a remarkable ascent.

This figure represents a staggering 76% surge from the N53.14 trillion recorded in January 2023, showcasing a substantial year-on-year growth of N40.48 trillion.

Moreover, compared to the preceding month of December 2023, which stood at N78.74 trillion, this represents a robust 19% increase, equivalent to N14.98 trillion.

The latest insights from the Central Bank of Nigeria (CBN) unveil these profound shifts in the nation’s monetary landscape, as detailed in its comprehensive money and credit statistics.

The trajectory of Nigeria’s broad money supply (M3), a pivotal gauge of economic liquidity, has been on an undeniable upward trajectory, surging at an accelerated pace in recent years. M3 encomes both net foreign assets and net domestic assets, painting a holistic picture of the nation’s monetary dynamics.

Why does this matter?
Recent trends underscore a pronounced expansion in Nigeria’s money stock, a trend that intersects with an array of economic challenges. Foremost among these challenges are the surging inflation rates, mounting pressures on the naira’s exchange rate, and a downward trajectory in interest rates.

The uptick in the money supply portends a potential surge in inflation, posing a significant threat to the purchasing power of Nigerians. Moreover, an inflated money stock typically correlates with a decline in interest rates, particularly in environments characterised by a dearth of viable investment prospects.

This dynamic may render Nigerian investment vehicles less attractive to global investors, a matter of grave concern considering Nigeria’s imperative for sustained dollar inflows.

More Insights
While there has been a significant surge in the money supply, the country’s economic growth has been tepid, with Nigeria’s economic growth rate for 2024 projected to be around 2.9% and 3.1%, having one of the slowest growth rates in West Africa.

This disparity is stark – the money supply is growing much faster than the economy.

supply is growing much faster than the economy
Inflation has been a significant concern, with the headline inflation rate jumping 29.9% in January 2024. Although the rate is projected to drop to 21.5% this year, it may end up peaking at 44% if adverse economic conditions persist.

As the CBN’s Monetary Policy Committee (MPC) gears up for its meeting, the implications of this expanded money supply on their deliberations, particularly regarding the Monetary Policy Rate (MPR), are poised to take centre stage. Such discussions are pivotal in charting the course for Nigeria’s economic stability and growth.

Notably, this increase in the broad money supply comes despite the CBN’s efforts to tighten monetary policy and mop up excess liquidity.

The CBN has incrementally raised the MPR from 11.5% in May 2022 to 18.75% as of July 2023, an increase of 725 basis points in slightly over one year.

In less than a week, the current Governor Yemi Cardoso is expected to express his stance on the ongoing interest rate hikes and make a clear, bold move against rising inflation.

However, his approach may conflict with President Bola Tinubu’s plans to reduce interest rates in Nigeria, potentially setting the stage for a clash between the government’s economic objectives and the CBN’s tightening monetary policy.

https://nairametrics.com/2024/02/22/nigerias-money-supply-hits-new-all-time-high-of-n93-72-trillion-in-january-2024/

Otilo

Please my libido is dead. How do I revive it?
Thanks all.

ArewaNorth:


https://nairametrics.com/2024/02/22/nigerias-money-supply-hits-new-all-time-high-of-n93-72-trillion-in-january-2024/

Na so so figured we dey see no impact.

What was the expectation when they released both the new and old notes to the public, soon we go start eating money

Buhari destroyed Nigeria, now tinubu is on the brutal finishing just like the mortal combat


With the excessive money we had printed tinubu/FG doesn’t fancy shitty naira anymore they are always on loan request bcoz thay want to be spending in dollars

We better beg the Americans so that they can allow CBN to start printing our own dollars, this way we all can ditch stupid stubborn naira and comfortably continue our lazy government ruling without any repercussions

FG will still go for another loan

Buhari, a demented illiterate with 4 cattles as only investment. Thief'nubu, a clueless daft buffoon hawking cocaine in Chicago.

How can you handover a country with fledgling economy to these moronic economic assassins and expect massive economic and developmental growth? Peeps, it doesn't work like that.

Good News!! It's uplifting to see positive developments emerging in Nigeria. Kudos to BAT.

'na statistics we go chop"?

Damnnn niggar

Isoright

What's the evidence?

Pls you people should stop all dis rubbish we are suffering

Propaganda doesn't run government 😏

ArewaNorth:


https://nairametrics.com/2024/02/22/nigerias-money-supply-hits-new-all-time-high-of-n93-72-trillion-in-january-2024/

Na exchange rate cause am..

93 trillion in circulation is recipe for disaster

35 years in service is killing others from not getting employment.. few enjoying the milk of Nigeria.. Government should change it to 25 years in service

Of course, the corrupt people in power are taking advantage of the currency fluctuations.

Yamleg:
Please my libido is dead. How do I revive it?
Thanks all.

Are you married?

Government of Propaganda
By propaganda
And For Propaganda.


Ndị ire ncha.

Make dem de print naira anyhow... Worsening inflation

We are on the Venezuela and Zimbabwe pathway. Soon na a bundle of #1k we go use the buy common bread

… because Tinubu is busy printing trillions of naira and changing it to dollars for him and his cronies to steal - that is why the dollar is rising

a forger is at the helm of affairs and we wonder why our money is falling when the forger is busy forging trillions daily and stealing it by converting it to dollars

I have said this up to 100 times here - no policy will work because his turn to loot is not to repair

Why won't they be inflation?

That criminal in CBN is just printing money anyhow for that thief in Aso Rock.
.

TalkingBird:


Are you married?

Yeah

Yamleg:
Please my libido is dead. How do I revive it?
Thanks all.

All you need is a huge credit alert. Nothing dey do you.

Too much naira chasing fewer goods.

Too much naira trying to buy the few available dollars.

These are surefire recipes for INFLATION and CURRENCY DEVALUATION.


Of the 90 trillion, the cash component is 30 trillion while digital naira is over 60 trillion.

With bag of rice agbadorians were buying at rate of 8000 naira 2015 and a litre of fuel 87 naira?May amadioha destroy every agbadorian

Mad people. Them don print money like crayzie. Na wa oo no wonder inflation wan kill naijerians

oluwaseyi0:
93 trillion in circulation is recipe for disaster

No lies. CBN should stop printing money and do their job of reducing inflation

More inflation.
What is wrong with these people.
Don't they have economists around them?

ogbonti:
… because Tinubu is busy printing trillions of naira and changinf it to dollars for him and his cronies to steal - that is why the dollar is rising

a forger is at the helm of affairs and we wonder why our money is falling when the forger is busy forging trillions daily and stealing it by converting it to dollars

I have said this up to 100 times here - no policy will work because his turn to loot is not to repair

how

Ykc2:
With bag of rice agbadorians were buying at rate of 8000 naira 2015 and a litre of fuel 87 naira?May amadioha destroy every agbadorian

amen