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2024: Money supply defies odds, rebounds to N96.97trn in April

Nigeria’s money supply (M3) surged to a new peak of N96.97 trillion in April 2024, reflecting a significant recovery from the previous decline recorded in March.

M3 encompasses both net foreign assets and net domestic assets, painting a holistic picture of the nation’s monetary dynamics.

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

The latest money and credit statistics data from the Central Bank of Nigeria (CBN) reveals a month-on-month (M-o-M) increase of five per cent from N92.34 trillion the previous month and a year-on-year (Y-o-Y) growth of 73 per cent from N56.05 trillion in the same month of the previous year.

Aside from March 2024 when there was a marginal month-on-month (m/) decline of three per cent 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 April exceeded the previous high recorded in February before the slight decline in March.

It is also M1 plus CBN bills, while M2 represents currency outside banks plus demand deposits and quasi-money (investments).

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