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Money supply hits all time high at 56% to N101trn in June
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By Kayode Sanni-Arewa
Money supply (M3), which is a broad measure of the total amount of money in an economy, has surpassed N100 trillion, reaching an all-time high for the country.
Data from the Central Bank of Nigeria (CBN) shows that M3 rose to a record N101.34 trillion in June 2024, represents a 56.15 percent increase to N64.90 trillion recorded in the corresponding period of June 2023.
When the money supply increases, it can lead to higher inflation. As more money chases the same amount of goods and services, prices tend to rise. This means that households might face higher living costs for everyday items, reducing their purchasing power, said a Lagos-based economist.
On a month-on-month basis, money supply increased by 2.11 percent from N99.23 trillion in May 2024. M3 is used by economists to estimate the total amount of money available in an economy, which can influence inflation, interest rates, and overall economic activity.
This is despite the monetary tightening of the CBN. The CBN has issued over N1.5 trillion in Open Market Operation (OMO) bills since Olayemi Cardoso took the helm as governor in a bid to stem inflation and prop up the naira, whose steep decline has unsettled the economy.
“The increased money supply is as a result of the expanded government revenue on the back of the persistent naira depreciation and improved performance of the oil sector,” said Ayokunle Olubunmi, head of financial institutions ratings at Agusto Consulting.
The Senate and the House of Representatives on Wednesday doubled government’s borrowing limit from the CBN, known as Ways and means, from five percent threshold to 10 percent amid excess liquidity concerns. Ways and Means is provided by the CBN to finance the Federal Government’s budget shortfalls. This facility allows the government to borrow from the CBN to secure short-term or emergency funding for critical projects.
The CBN’s data revealed that currency in circulation (CIC) rose to an all-time high of N4.05 trillion in June 2024. It jumped by 55.77 percent year-on-year from N2.60 trillion in June 2023. Money in circulation increased by 2.27 percent from N3.96 trillion in May 2024.
“While the increase in CIC may suggest improved economic activity in nominal terms and higher consumer spending, it also highlights the risk of inflation, particularly if money supply growth exceeds real output growth,” analysts at FBNQuest said.
According to a report by FBNQuest indicates continued expansion in liquidity despite the Monetary Policy Committee’s (MPC) hawkish measures to tighten liquidity and control inflation.
Latest data from the Nigerian Bureau of Statistics (NBS) shows an inflation rate of 34.2 percent in June 2024, up from 22.8 percent in June 2023.
According to the data, net credit to the government declined by 10.18 percent to N28.05 trillion in June 2024 from N31.23 trillion in June 2023. On a month on month basis, it dropped by 0.32 percent from N28.37 trillion recorded in May 2024.
Credit to the private sector decreased to N73.12 trillion in one month (June 2024), representing 1.60 percent over N74.31 trillion in May 2024. Against the corresponding period, it rose by 38.46 percent from N52.81 trillion in June 2023
The Nigerian National Petroleum Company Limited, NNPCL, has slashed its fuel pump price for the second time within four days.
A market survey on Saturday by DAILY POST showed that NNPCL retail outlets around Airport Junction and Wuse Zone 6 (Berger) in Abuja have reduced their petrol price to N1210 per litre, down from N1260.
This means that the state-owned oil firm slashed the petrol price by N50 per litre.
This comes barely two days after Dangote Refinery reduced its petrol gantry price by N50 to N1,125 per litre.
Recall that four days ago, NNPCL had adjusted its fuel price pump by N75 per litre to N1260.
With the latest drop by NNPCL retail outlets, petrol prices stand between N1210 per litre and N1305 per litre in Abuja and its environs.
The reduction in domestic fuel comes amid falling crude oil prices, which stand at $69 per barrel and $71 per barrel for West Texas Intermediate and Brent crude, respectively, following the easing of the conflict in the Middle East.
Recall that President Bola Tinubu has kept mum amid the clamour by Nigerians for a commensurate drop in domestic fuel pump prices due to the significant reduction in crude oil prices.
The Independent National Electoral Commission, INEC, has said it is yet to receive the Certified True Copy, CTC, of the Federal High Court judgment that set aside an earlier order directing it to register the Nigeria Democratic Congress, NDC, as a political party.
INEC revealed this in a statement issued on Saturday by its Chief Press Secretary and Media Adviser to the Chairman, Adedayo Oketola.
According to the commission, although it is aware of media reports on the judgment delivered by the Federal High Court sitting in Lokoja on June 26, it cannot comment on the ruling until it obtains and reviews the certified copy.
The Independent National Electoral Commission, INEC, is aware of reports circulating in the media regarding the judgment delivered on Friday, June 26, 2026, by the Federal High Court sitting in Lokoja, which set aside an earlier order concerning the registration of the Nigeria Democratic Congress.
“However, as of this moment, the Commission has not yet received the Certified True Copy, CTC, of the court’s order,” the statement said.
INEC stated that its legal department would study the judgment upon receipt of the CTC before advising the commission on the next course of action.
“Once the Commission’s legal department receives and thoroughly studies the CTC of the judgment, INEC will take an informed, lawful decision in line with the court’s directives.
“Until then, we cannot comment on the specifics of the ruling, and the public is urged to await the Commission’s formal position on the matter,” Oketola added.
Justice Isah Dashen of the Federal High Court in Lokoja had on Friday set aside the court’s December 10, 2025, judgment directing INEC to register the NDC as a political party.
The court held that the rights of the Peace Movement Party were affected by the earlier judgment because it was not joined in the suit despite claiming ownership of the logo relied upon in securing the registration order.
Justice Dashen consequently ordered that all parties be restored to the positions they occupied before the December 2025 judgment and directed that the substantive suit be heard afresh with all necessary parties joined.
The NDC has rejected the ruling and announced plans to appeal the decision. Its National Chairman, Senator Moses Cleopas, maintained that the party had not been deregistered and argued that the trial court lacked jurisdiction to revisit a matter on which it had already delivered a final judgment.
The ruling has also attracted reactions from opposition figures, including the NDC’s presidential candidate, Peter Obi, the party’s National Leader, Senator Henry Dickson, and other stakeholders, who described the decision as a threat to Nigeria’s multiparty democracy and vowed to challenge it through all available legal channels.
INEC, however, maintained that it would reserve its position on the judgment until it receives and reviews the Certified True Copy.
A joint police operation rescued five victims abducted near Ogbere Forest in Ogun state on Wednesday.
They were rescued within 25 hours by the Lagos and Ogun Police Commands, which were part of a joint operation codenamed KOSAYE, meaning “No Space” in Yoruba.
The woman was among the victims who were shot in the incident. Her daughter and sister were among those rescued by the police on Thursday.
NNPC slashes petrol price twice within four days
Lokoja Court order: INEC speaks on NDC, says it’s yet to receive CTC
Just in: Police rescue five abductees in Ogun
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