Money Supply Hits All-Time High of N99.23 Trillion Despite Liquidity Squeeze
Money supply (M3) reached an unprecedented N99.23 trillion in May 2024, even amid monetary tightening by the Central Bank of Nigeria (CBN). Data from the CBN shows a 2.33 percent increase from N96.97 trillion in April 2024 and a 7.46 percent rise from N92.34 trillion in March 2024.
M3 is a broad measure of the money supply, including liquid assets available for spending or investment. It encompasses M2 (currency, checking deposits, and savings deposits up to two years) plus large time deposits, institutional money market funds, and short-term repurchase agreements (repos).
Currency and Credit Dynamics
- Currency in Circulation: Increased by 1.02 percent to N3.96 trillion in May 2024 from N3.92 trillion in April 2024. On a quarterly basis, it rose by 2.59 percent from N3.86 trillion in March.
- Credit to the Private Sector: Grew to N74.31 trillion in May 2024, a 1.92 percent increase from N72.91 trillion in April 2024.
- Currency Outside Banks: Rose to N3.70 trillion in May 2024, marking a 2.77 percent increase from N3.60 trillion in April 2024.
-
Share News with us via WhatsApp:08163658925 or Email: naijaeyes1@gmail.com
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
