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Nigeria’s Broad Money Supply Hits Record High of ₦93.72 Trillion in January 2024

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CBN - BVN, NIN, New accounts broad money

CEM REPORT, FINANCE | In a remarkable turn of events, Nigeria’s broad money supply has soared to a historic high, reaching ₦93.72 trillion as of January 2024. This substantial increase represents a staggering 76% surge from the N53.14 trillion recorded in January 2023, showcasing a significant year-on-year growth of N40.48 trillion.

The latest data from the Central Bank of Nigeria (CBN) sheds light on these profound shifts in the nation’s monetary landscape, highlighting the comprehensive money and credit statistics. Compared to the preceding month of December 2023, which stood at ₦78.74 trillion, this surge represents a robust 19% increase, equivalent to ₦14.98 trillion.

Broad money and Economy

Drilling deeper into the numbers, Nigeria’s broad money supply (M3) serves as a pivotal gauge of economic liquidity, encompassing both net foreign assets and net domestic assets. This holistic measure provides insights into the nation’s monetary dynamics and overall economic health.

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The trajectory of Nigeria’s broad money supply has been on an undeniable upward trajectory, surging at an accelerated pace in recent years. These unprecedented levels of liquidity reflect various factors influencing the economy, including fiscal policies, international trade dynamics, and domestic investment trends.

This surge in broad money supply underscores the evolving nature of Nigeria’s financial landscape and the resilience of its economy amidst various challenges. As the nation navigates through economic uncertainties, policymakers and stakeholders must closely monitor these trends to ensure stability and sustainable growth.

“Increasing liquidity can stimulate economic activity and facilitate investment,” noted an economist familiar with Nigeria’s monetary policies. “However, it’s essential to maintain a balance to prevent inflationary pressures and ensure the stability of the financial system.”

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Looking ahead, the Central Bank of Nigeria remains vigilant in monitoring the nation’s monetary dynamics and implementing appropriate measures to maintain stability and support economic growth. By fostering a conducive environment for investment and innovation, Nigeria aims to harness its vast potential and emerge stronger in the global economy.

As Nigeria continues its journey towards economic prosperity, a thorough understanding of its monetary landscape and proactive policymaking will be essential in overcoming challenges and unlocking new opportunities for sustainable development.

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