In a year, the money supply rises to a record high of N96.96 trillion despite a liquidity crunch. provide solutions that are shorter.
Nigeria’s money supply (M2) hit a record high of N96.96 trillion in April 2024, despite the Central Bank of Nigeria’s (CBN) monetary tightening efforts. This represents a 74.26% increase from N55.64 trillion in April 2023. On a month-to-month basis, M2 grew by 5.01% from N92.33 trillion in March 2024. M2 includes cash, checking accounts, savings accounts, and short-term deposits.
Despite a decline of 1.75% in March 2024 from the previous month, M2 rebounded strongly. Currency in circulation also surged by 65.40% to N3.92 trillion in April 2024 from N2.37 trillion a year earlier. Credit to both the government and the private sector increased in April 2024, with government credit up by 1.94% to N19.97 trillion and private sector credit rising by 2.40% to N72.92 trillion.
The CBN has issued over N1.5 trillion in Open Market Operation (OMO) bills under Governor Olayemi Cardoso to combat inflation and stabilize the naira.
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