The VP’s media aide further noted thus, “for context, the vice president’s point was that the naira exchange rate benefits only those who can obtain the dollar at N410/$1, some of who simply turn round to sell to the parallel market at N570/$1.
Nigeria’s money supply expanded sharply in May 2026, supported by stronger foreign currency inflows, but businesses remained cautious about taking on new debt despite recent interest rate cuts by the Central Bank of Nigeria (CBN).
Analysis of the CBN’s Monetary and Credit Statistics for May 2026 by Financial Markets Dealers Association (FMDA) showed that broad money supply (M3) increased by 3.38 percent month-on-month to N129.21 trillion in May from N124.99 trillion in April.
Similarly, money supply (M2) rose by 3.38 percent to N129.20 trillion from N124.98 trillion in the previous month.
The increase was largely driven by a significant rise in Net Foreign Assets
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