Money supply (M1), also known as narrow money, declined by 0.56 percent to N24.02 trillion in August 2023 from N24.16 trillion in July.
M1 money supply includes currency in circulation and money in deposit accounts that can easily be turned into cash.
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Data from the Central Bank of Nigeria (CBN) also showed that money supply M3, fell marginally by 0.03 percent to N65.45 trillion in the month under review compared to N65.47 trillion in the previous month.
“The decline is really too immaterial to make any sense of it and might just be a normal part of economic activities,” Yemi Kale, partner & chief economist, KPMG Nigeria, said.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
