Nigeria’s broad money supply has climaxed to a historic high of N93.72 trillion as of January 2024.
Gatekeepers News reports that this figure represents a staggering 76% surge from the N53.14 trillion recorded in January 2023.
This indicated a substantial year-on-year growth of N40.48 trillion.
In comparison to the preceding month of December 2023, which stood at N78.74 trillion, this new surge 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.
The M3 encompasses both net foreign assets and net domestic assets, painting a holistic picture of the nation’s monetary dynamics.
