- Nigeria’s broad money supply rose by N4.04 trillion month-on-month to hit N133.25 trillion in June 2026, up from N129.21 trillion in May.
- The expansion in domestic liquidity occurred despite the Central Bank of Nigeria maintaining a high benchmark Monetary Policy Rate (MPR) of 26.5 percent to curb inflation.
- Quasi-money (savings and time deposits) surged to N88.54 trillion, while currency held outside formal banking channels declined to N4.92 trillion, indicating greater cash retention within banks.
Nigeria’s broad money supply (M3) climbed to N133.25 trillion in June 2026, marking a significant N4.04 trillion month-on-month increase from N129.21 trillion recorded in May.
Eko Hot Blog reports that the data released by the Central Bank of Nigeria (CBN) highlights a 3.11 percent expansion in liquidity, demonstrating that market liquidity continued to grow despite the apex bank’s sustained monetary tightening stance.
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The surge was largely fueled by an increase in domestic assets and a rise in quasi-money. Quasi-money, which includes short-term savings and fixed time deposits, rose to N88.54 trillion in June from N84.58 trillion in May.
Demand deposits also edged up slightly from N39.43 trillion to N39.78 trillion. Conversely, cash held outside formal banking institutions dropped from N5.19 trillion to N4.92 trillion, pointing to increased commercial banking retention.
Analysis of the apex bank’s financial statistics shows that net domestic assets grew by 4.37 percent, rising from N102.26 trillion in May to N106.73 trillion in June.
On the other hand, net foreign assets fell by 1.56 percent over the same period, declining from N26.95 trillion to N26.53 trillion.
The continued growth in broad money supply underscores the challenge facing the CBN as it works to balance overall liquidity management with efforts to curb inflationary pressures.
Financial analysts warn that rising broad money levels could complicate the apex bank’s disinflation objectives, even as it recently voted to retain the benchmark Monetary Policy Rate at 26.5 percent.
