The NNPC Foundation, in collaboration with Pan-Atlantic University, is hosting a symposium on May 22-23, 2025, in Lagos, focusing on the role of environmental communication in tackling Nigeria’s energy and climate change challenges

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Despite a record-high Cash Reserve Ratio, Nigeria’s broad money supply surged to N114.22tn in March 2025, driven by foreign asset growth, posing a dilemma for the upcoming MPC meeting

New data from the Central Bank of Nigeria (CBN) reveals that Nigeria’s broad money supply (M3) reached N114.22 trillion in March 2025, a significant 24 percent increase compared to the N92.19 trillion recorded in March 2024.

Also read: CBN reports $6.83bn balance of payments surplus for 2024

This expansion occurred despite the CBN’s aggressive monetary tightening, including raising the Cash Reserve Ratio (CRR) to an unprecedented 50 percent.

On a month-on-month basis, the broad money supply also saw a 3.2 percent rise from N110.71 trillion in February. The primary driver of this increase was a substantial 38.9 percent surge in net foreign assets, which climbed to N45.17 trillion, indicating stronger capital inflows and potential revaluation gains.

In contrast, net domestic assets experienced an 11.7 percent decline to N69.05 trillion, reflecting tighter liquidity within the domestic financial system.

The data highlights a persistent preference for cash within the Nigerian economy. Currency circulating outside banks rose to N4.6 trillion in March, representing 91.9 percent of the total currency in circulation of N5.00 trillion.

This signifies a 26.7 percent increase compared to the N3.63 trillion held outside banks in March 2024. This reliance on cash is attributed to factors such as rising inflation (24.23 percent in March), infrastructural challenges with digital banking platforms, and the prevalence of the informal sector.

The rise in broad money supply likely suggests that external factors—particularly growth in foreign asset holdings and government credit—have offset the CBN’s tightening measures,” the report states.

The sustained growth in money supply, despite the CBN’s efforts, presents a significant policy dilemma for the Monetary Policy Committee (MPC), scheduled to meet on May 19 and 20, 2025.

While the committee previously held the policy rate steady at 27.50 percent, the continued rise in inflation, the dominance of cash transactions, and increasing foreign inflows are likely to exert pressure for more decisive action, potentially including a rate hike.

Notably, Nigeria’s current Monetary Policy Rate of 27.50 percent is among the highest globally, only lower than Argentina, Zimbabwe, Turkey, and Venezuela, as disclosed by MPC member Mustapha Akinkunmi. This high rate underscores Nigeria’s ongoing struggle with inflation and economic instability.

The International Monetary Fund (IMF), following its recent Article IV consultation, advised the CBN to maintain a tight monetary policy stance to ensure a continued decline in inflation.

The IMF commended the MPC’s data-driven approach and suggested that announcing a formal disinflation path could help to stabilize inflation expectations.

The continued expansion of Nigeria’s money supply in the face of tight monetary policy underscores the complex interplay of domestic and external economic factors and sets the stage for a critical upcoming MPC meeting.

In advancement of integrative healthcare service and promotion of natural healing using natural solutions in Nigeria, Khasmal Holistic Naturopathic Health Center has officially opened its Lagos clinic on Wednesday April 16 to fill the need of those who desire the optimal wellness.

The new ultra-modern health facility —situated at Bamisile Street off Allen Avenue, Ikeja— was commissioned by the Registrar, Lagos State Traditional Medicine Board (LSTMB) Prince Babatunde Adele who represented the Lagos State Commissioner for health, Prof. Akin Abayomi.

In his goodwill message at the grand opening, Prince Adele, who was supported by other dignitaries and stakeholders in the traditional and alternative medicine sector, congratulated Dr. Adebola Latifat Adeyemi, founder and Chief Naturopathic Physician of Khasmal Holistic Naturopathic Health Centre, and commended her team for their commitment to naturopathic principles which align with the LSTMB’s regulatory standards and the Lagos State Government’s vision for an inclusive healthcare system.

The Registrar highlighted the new Clinic’s focus on holistic healing, natural remedies, and a patient-centered approach to wellness, while expressing the Board’s support for the health center operations and its commitment to working collaboratively with other stakeholders in the health sector to provide accessible and affordable healthcare to the people of Lagos.

In her welcome address, Dr. Adebola, a multiple international certified natural medicine expert, recounted the early vision that birthed the Khasmal about a decade ago after a painful personal experience that guided her towards the healing powers of wet Hijama cupping and other naturopathic therapies —approaches that not only alleviate symptoms but also transform lives.

According to her, that experience gave birth to Khasmal, a premier holistic health clinic, dedicated to providing affordable, holistic and natural healthcare solutions to individuals —not only for the wealthy but for all Nigerians— seeking a comprehensive approach to wellness.

“This center represents the culmination of that transformative journey. We are more than just a clinic; we are a healing sanctuary grounded in the fundamental principles of naturopathic medicine: to do no harm, to prioritize prevention, and honor the unique needs of every individual who walks through our doors to achieve optimal health and well-being through natural, non-invasive, and evidence-based healing modalities,” Dr. Adebola stated.

“As we embark on this new chapter, we are expanding our services and enhancing our impact. From Cellular Health Regeneration to Holistic Cancer Care amongst others which are carried out by the FDA approved pulsed Electromagnetic field therapy, nutritional counselling, Herbal Therapeutics, Homeopathy and lifestyle modifications amongst other services,” she added.

Dr. Adebola disclosed that many people have high deductibles today, so more people are giving naturopathic medicine a try which she said is less expensive and effective than a 15-minute office visit at a traditional clinic.

At the milestone event, Prof. Baderinwa Adewale, a renowned sport medicine practitioner, also spoke extensively on the importance of natural medicine.

At the clinic’s grand opening, invited dignitaries had opportunities to meet Dr. Adeyemi and her support primary healthcare providers for consultations and tour the facility while enjoying treats from selected natural meals and fruity drinks.

Also in attendance at the significant milestone were Dr Ridwan Jamiu, Chief Imam, Lekki Central Mosque; Mrs. Fatimah Babalola-Braimo; Mr. Gboyega Akosile, Special Adviser (Media and Publicity) to Lagos State Governor; Mrs. Ini-Abasi Zaynab Abimbola; Seasoned Compere Mr. Gbenga Adeyinka 1st; Hajia Raliat Oyetunde; Dr. Darlington Okafor; Basorun Chris Abiodun; and Akogun Lanre Alfred.

Others are Hajia Tai Elemosho-Okesanjo; Mr. Seun Oloketuyi; Mr. Victor Ganzalo; Barrister Oyenike Aliyu; Mr. Kayode Alfred, Mr. Raheem Ajayi and Solid Rock Facility Manager boss, Mr. Kola Dada among others.