Nigeria's M3 money supply drops to N123.36 trillion in January 2026
Nigeria's broad money supply (M3) fell to N123.36 trillion in January 2026 from N124.4 trillion in December 2025, according to Central Bank of Nigeria data. M3 includes currency, deposits, and foreign currency holdings. The month-on-month decline indicates slight liquidity moderation, though M3 remains above January 2025 levels. Net foreign assets dropped sharply to N29.6 trillion, reflecting reserve pressures, while net domestic assets rose to N93.76 trillion, signaling continued domestic credit expansion. This follows CBN's September 2025 MPR cut to 27% and November maintenance at the same rate. Inflation fell to 15.1% in January, supporting the CBN's cautious policy stance.