Nigeria’s broad money supply jumped to a record N119.11 trillion in April 2025, driven by strong foreign inflows, even as the CBN held its policy rate steady at 27.5%.
Nigeria’s broad money supply (M3) soared to a record N119.11 trillion in April 2025, reflecting a 22.9% year-on-year increase, according to the Central Bank of Nigeria’s latest Money and Credit Statistics.
The surge came as the CBN held its benchmark interest rate at 27.5% in May, pausing rate hikes for the second time this year.
“Net foreign assets climbed to N47.76 trillion in April 2025, up by 66.3% from N28.73 trillion a year earlier,” the data showed, highlighting a boost in FX inflows from crude exports, multilateral funding, or diaspora remittances.
Net domestic assets rose modestly to N71.34 trillion, indicating steady but subdued local liquidity expansion.
M2 money supply also rose sharply to N119.08 trillion, while M1 climbed to N41.01 trillion — a sign of rising transactional liquidity and consumer cash preference.
Although inflation fell to 23.71% in April, the CBN warned of persistent risks and reiterated its cautious stance, aiming to assess the impact of previous tightening before further action.