Nigeria’s broad money supply, known as M3, rose to N129.21 trillion in May 2026, up from N124.99 trillion in April, according to the latest figures released by the Central Bank of Nigeria. The increase represents a month-on-month growth of 3.38 per cent and comes despite the bank’s decision to maintain a tight monetary policy stance.
The CBN said the expansion was driven by growth in quasi-money, net foreign assets and net domestic assets. Quasi-money increased to N84.58 trillion from N81.22 trillion in April, while net foreign assets rose to N26.95 trillion from N24.01 trillion. Net domestic assets also increased to N102.26 trillion from N100.97 trillion.
On an annual basis, broad money supply grew from N119.20 trillion recorded in May 2025. The data also showed that narrow money, which includes currency in circulation and demand deposits, increased to N129.20 trillion from N124.98 trillion in April.
The latest figures come after the Central Bank’s Monetary Policy Committee retained the Monetary Policy Rate at 26.50 per cent during its 305th meeting held on 19 and 20 May 2026, as part of efforts to sustain disinflation and maintain macroeconomic stability.
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