Nigeria’s Money Supply Nears N100trn in May

Nigeria’s money supply (M3) has surged to nearly N100 trillion, hitting a new peak of N99.24 trillion in May 2024.

The latest money and credit statistics data from the Central Bank of Nigeria (CBN) reveals a month-on-month (M-o-M) increase of 2% from N96.97 trillion the previous month and a year-on-year (Y-o-Y) growth of 78% from N55.69 trillion in the same month of the previous year.

This growth comes in the face of the Monetary Policy Committee’s (MPC) stringent measures aimed at controlling inflation.

Aside from March 2024 when there was a marginal M-o-M decline of 3% from a record N93.9 trillion in February, M3 has been on a steady rise, defying CBN’s tightening monetary policy efforts.

The figure recorded in May 2024 exceeded the previous high recorded in April after the slight decline in March.