Nigeria's broad money supply (M3) climbed to N133.25 trillion in June 2026, an increase from N129.21 trillion in May, despite the Central Bank of Nigeria (CBN) holding its benchmark interest rate at 26.5%.

This growth was revealed in the CBN's latest money and credit statistics, published on Wednesday. Broad money, or M3, encompasses currency in circulation outside banks, demand deposits, savings and time deposits, and foreign currency deposits.

The data indicates a N4.04 trillion month-on-month rise and a significant increase from N117.25 trillion recorded in June 2025. This expansion was primarily fueled by growth in net domestic assets and quasi-money during the period.

Further details from the apex bank showed that M2, which includes narrow money (M1), quasi-money, demand deposits, and currency outside banks, also increased to N133.24 trillion in June from N129.20 trillion in May.

Quasi-money saw a rise to N88.54 trillion from N84.58 trillion, while demand deposits increased to N39.78 trillion from N39.43 trillion. Conversely, currency outside banks experienced a slight decline, falling to N4.92 trillion from N5.19 trillion.

The expansion in money supply was largely attributed to the growth in quasi-money and domestic assets over the month. Net domestic assets increased by 4.37%, moving from N102.26 trillion in May to N106.73 trillion in June.

However, net foreign assets saw a slight decline of 1.56%, decreasing from N26.95 trillion in May to N26.53 trillion in June. Broad money supply (M3) expanded by 3.11% month-on-month, representing a N4.04 trillion increase compared to the previous month.

On a year-on-year basis, M3 grew by 13.59%, an approximate N16.00 trillion increase compared to June 2025. The rise in foreign assets also highlights the broad-based factors contributing to the increase in money supply.

This growth in money supply occurs as the CBN continues its efforts to balance liquidity management with moderating inflation and preserving macroeconomic stability.

The latest money supply figures coincide with the CBN's decision to retain the Monetary Policy Rate (MPR) at 26.50%. At its 305th Monetary Policy Committee meeting held on May 19 and 20, 2026, the apex bank unanimously voted to maintain this benchmark interest rate.

The CBN also kept other key monetary policy parameters unchanged as part of its strategy to sustain disinflation and ensure macroeconomic stability. Earlier, in September 2025, the Monetary Policy Committee (MPC) had reduced the MPR by 50 basis points to 27 per cent to support economic activity amidst easing inflationary pressures.

Subsequently, in November 2025, the MPC maintained the MPR at 27 per cent, adopting a cautious approach to balance price stability with growth support.