Money supply, also known as M3, has dropped by 0.43 percent in one month according to the Central Bank of Nigeria (CBN).
Data from the CBN showed that money supply declined to N55.80 trillion in May 2023 from N56.04 trillion in April of the same year.
Similarly, credit to the government declined by 0.22 percent to N30 trillion in May 2023 compared to N30.76 trillion recorded in the previous month.
Currency in circulation increased by 6.32 to N2.52 trillion in May 2023 from N2.37 trillion in April of the same year, the day indicated.
Details later…
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.
