Nigeria’s broad money supply (M3) surged to an all-time high of N114.2 trillion in March 2025, defying the Central Bank of Nigeria’s (CBN) ongoing monetary tightening efforts aimed at reining in inflation.
M3, which serves as the most comprehensive measure of money in circulation within an economy, includes not only the cash used in everyday transactions but also large-scale deposits and financial assets that influence lending, investment, and inflation.
Despite the CBN’s firm stance on monetary tightening, the latest data from the apex bank indicates a year-on-year increase of 23.9 percent, with the money supply rising sharply from N92.18 trillion in March 2024. On a month-on-month basis, the figure climbed by 3.2 percent from N110.70 trillion recorded in February 2025.