Money supply hits N99.23tn as currency outside banks rises despite CBN measures

Nigeria’s Money supply, M3 reached an all-time high of N99.23 trillion in May 2024 as currency outside increased to N3.70 trillion despite monetary tightening by the Central Bank of Nigeria, CBN.

This is according to the latest Data from the apex bank.

Data showed that M3 rose by 2.33 percent from N96.97 trillion recorded in April 2024. It increased by 7.46 percent quarter-on-quarter from N92.34 trillion in March 2024.

Similarly, the Central Bank data showed that credit to the private sector increased to N74.31 trillion in May 2024, representing a 1.92 percent rise above N72.91 trillion in April 2024.

The Currency outside banks rose to N3.70 trillion in May 2024. This represents a 2.77 percent increase compared to N3.60 trillion in April 2024.

The development comes despite CBN’s interest hike to 26.25 percent in May 2024 from 18.75 percent in January.

On Sunday, the Socio-Economic Rights and Accountability Project, SERAP gave CBN an ultimatum to account for the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting extermination’.