Nigeria’s money supply recorded its first decline in 2025, falling to N110.32tn in February from N110.94tn in January, data from the Central Bank of Nigeria showed.
The 0.56 per cent month-on-month drop comes amid continued efforts by the apex bank to manage liquidity in the system, following earlier signals of monetary tightening and foreign exchange adjustments.
Despite the marginal slowdown, the figure remains significantly higher compared to the same period last year. In February 2024, money supply stood at N95.56tn, indicating a year-on-year increase of 15.45 per cent.
The increase in M3 money supply, which includes both net foreign assets and net domestic assets, provides a broader view of the country’s monetary dynamics.
The slight contraction in February reflects developments across both foreign reserves and domestic credit.
A closer review of the underlying components shows that net foreign assets dropped by 8.62 per cent to N32.34tn in February, down from N35.39tn in the previous month.
