Nigeria’s Money Supply Hits New All-Time High Of ₦93.72 Trillion In January 2024

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 encompasses both net foreign assets and net domestic assets, painting a holistic picture of the nation’s monetary dynamics.

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