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Nigeria’s broad money supply (M3) rose to N139.38 trillion in August 2026, representing a 16.4% increase from N119.69 trillion recorded in August 2025.
The latest figure also marks a 0.4% month-on-month increase from N138.78 trillion in July.
This is according to the data published on Central Bank of Nigeria’s (CBN) website.
The expansion comes as the CBN maintains a relatively tight monetary policy stance, with the Monetary Policy Rate (MPR) held at 26.50% at its July 2026 Monetary Policy Committee meeting.
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What the data is saying
Money supply continued to rise in August, extending the upward trend recorded over recent months.
M3 increased from N123.95 trillion in January to N124.99 trillion in April, N129.21 trillion in May and N133.25 trillion in June, before reaching N138.78 trillion in July and N139.38 trillion in August.
- The August increase amounted to approximately N601.6 billion compared with the previous month.
- Broad money captures funds available across the economy, including currency in circulation outside banks, demand deposits, savings and time deposits, as well as foreign currency deposits.
- Net domestic assets rose to N101.99 trillion in August from N101.07 trillion in July, an increase of about N925.5 billion.
- Net foreign assets, however, declined to N37.39 trillion from N37.71 trillion over the same period, falling by approximately N323.9 billion.
The increase in net domestic assets more than offset the decline in net foreign assets, contributing to the overall rise in broad money.
Get up to speed
The increase in money supply comes as the CBN continues efforts to contain inflation and preserve macroeconomic stability.
- At its 306th Monetary Policy Committee meeting in July 2026, the apex bank unanimously retained the MPR at 26.50% and maintained other key monetary policy parameters.
- Earlier in September 2025, the Monetary Policy Committee (MPC) reduced the Monetary Policy Rate (MPR) by 50 basis points to 27 per cent, aiming to support economic activity amid easing inflationary pressures.
- In November 2025, the MPC maintained the MPR at 27 per cent, adopting a cautious stance to balance price stability with growth support.
The decision reflects the CBN’s balancing of inflation-control objectives with concerns about economic growth and financial conditions.
The CBN’s MPC is scheduled to meet next week in Abuja.
What you should know
Earlier, Nairametrics reported that US Federal Reserve’s decision to raise interest rates by 25 basis points could increase pressure on emerging markets as investors reassess the returns available from dollar-denominated assets.
- Nigeria’s gross foreign exchange reserves rose by $12.76 billion year-on-year to $54.61 billion as of September 14, 2026.
- Nairametrics earlier reported that Nigeria’s external reserves have grown by $7.09 billion since the beginning of 2026.
The latest position has now surpassed the CBN’s projected reserve level of approximately $51.04 billion for the whole of 2026.
