Nigeria’s Money Supply Reaches Record N95.56 trn in Feb 2024
Nigeria’s Broad Money Supply (M3) has actually reached a brand-new record high of N95.56 trillion since February 2024.
This figure represents a 79.29% boost from the previous year, in spite of the Monetary Policy Committee (MPC)’s current declarations.
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This figure represents a considerable year-on-year development of N42.26 trillion.
In February 2024, the cash supply increased by 1.96% to N95.56 trillion, compared to N93.72 trillion in January. This represents a considerable boost of N1.84 trillion throughout a single month.
Information from the Central Bank of Nigeria (CBN) likewise reveals that the cash supply has actually increased by 79.29% year-on-year, from N53.3 trillion in February 2023.
Nigeria’s Money Supply (M2) likewise struck historic high of N93.9 trillion in February from a record N92.8 trillion developed in January 2024.
Economic Confidential reports that Nigeria’s M3, an essential gauge of financial liquidity, has actually been on an upward trajectory, rising at a sped up rate in the last few years.