Nigeria’s broad money supply (M3) increased to N138.78 trillion in July 2026, representing a 16% year-on-year rise from N119.89 trillion recorded in July 2025.
This is according to the latest monetary statistics released by the Central Bank of Nigeria.
On a month-on-month basis, M3 increased by N5.52 trillion, or 4.14%, from N133.25 trillion in June 2026, extending the steady expansion recorded through the second quarter of the year.
Broad money, which captures the money available across the economy, includes currency in circulation outside banks, demand deposits, savings and time deposits, as well as foreign currency deposits.
What the data is saying
The latest data show that broad money supply has maintained an upward trajectory in 2026, rising from N123.95 trillion in January to N138.78 trillion in July.
M3 stood at N123.12 trillion in February, N124.99 trillion in April, N129.21 trillion in May and N133.25 trillion in June before reaching the July record.
The increase indicates continued growth in liquidity within the financial system, although changes in the composition of money supply are also important in assessing its potential impact on inflation, credit and economic activity.
The expansion in M3 was accompanied by a significant increase in net foreign assets.
- Net foreign assets rose to N37.71 trillion in July from N26.53 trillion in June, representing an increase of N11.18 trillion, or about 42.15% month-on-month.
- The rise suggests that the external position of the banking system made a stronger contribution to overall monetary expansion during the month.
However, this was partly offset by a decline in net domestic credit, which fell to N101.07 trillion from N106.73 trillion in June.
- Net domestic credit therefore declined by about N5.66 trillion, or 5.30%, during the month.
- Money supply measured…
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Read Full Article by Olalekan Adigun at nairametrics.com
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