In June 2023, Nigeria’s money supply (M2) reached a record high of N64.3 trillion, increasing significantly by 15 percent (N8.8 trillion) from N55.5 trillion recorded in May, according to the Money and Credit Statistics of the Central Bank of Nigeria (CBN). The money supply represents the total amount of money available in the economy at a specific time, which includes physical currency and various deposits held by individuals, businesses, and institutions in banks and financial institutions. The increase can be attributed to the supreme court’s judgement on the Naira redesign, which permitted the simultaneous use of old and new notes until the end of the year, and a re-evaluation of some dollar-based investments following the liberalisation of the forex market earlier in June.
August 14, 2023
Nigeria Economic Update (Issue 29)
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Nigeria Economic Review
This report provides a concise and timely analytical
overview of key aspects of the Nigerian economy. The report is an attempt to
track the developments in the relevant aspects of the economy over a
three-month period. It provides valuable insights into potential drivers of the
economic trends and outlines expectations for subsequent quarters of the year.
The areas of focus are Global Economic Performance, Domestic Economic
Performance, External Sector Performance, and Sectoral Performance.