Money supply rises 111% to N139trn

Analyst warns of inflationary risks, urges productive deployment

By Peter Egwuatu

Nigeria’s broad money supply, M3, more than doubled in three years to August 2026, rising by 110.6 per cent to N139.4 trillion, from N66.2 trillion in the corresponding period of 2023, amid sustained expansion in liquidity in the economy.

M3 is the broadest measure of money supply and provides an indication of the total liquidity available within the economy.

On a Year-on-Year, YoY, basis, broad money supply rose by 16.4 per cent, or N19.7 trillion, to N139.4 trillion in August 2026 from N119.7 trillion in August 2025.
The latest CBN figure also represents a marginal 0.4 per cent increase f...