Nigeria’s Cash Provide Reaches Report N95.56trn in Feb 2024

Fig 1: Cash outside depository corporations as a percent of all broad money Source: CBN Quarterly Statistical Bulletin. — Fig 1: Money exterior depository companies as a % of all broad cash Supply: CBN Quarterly Statistical Bulletin.

Nigeria’s Broad Cash Provide (M3) has reached a brand new document excessive of N95.56 trillion as of February 2024.

This determine represents a 79.29% enhance from the earlier yr, regardless of the Financial Coverage Committee (MPC)’s latest pronouncements.

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This determine represents a considerable year-on-year progress of N42.26 trillion.
In February 2024, the cash provide rose by 1.96% to N95.56 trillion, in comparison with N93.72 trillion in January. This represents a major enhance of N1.84 trillion over the course of a single month.

Knowledge from the Central Financial institution of Nigeria (CBN) additionally reveals that the cash provide has elevated by 79.29% year-on-year, from N53.3 trillion in February 2023.

Nigeria’s Cash Provide (M2) additionally hit historic excessive of N93.9 trillion in February from a document N92.8 trillion established in January 2024.

Economic Confidential stories that Nigeria’s M3, a pivotal gauge of financial liquidity, has been on an upward trajectory, surging at an accelerated tempo lately.