profile/5683FB_IMG_16533107021641748.jpg

News_Naija

Money Supply Hits N114tn Despite CBNs Tightening Measures

Nigeria’s broad money supply rose to N114.22tn in March 2025 despite aggressive monetary tightening by the Central Bank of Nigeria, which raised the Cash Reserve Ratio to an unprecedented 50 per cent. The latest money and credit statistics released by the apex bank show that the March figure represents a 24 per cent increase when compared to N92.19tn recorded in the same month of 2024. On a month-on-month basis, the figure also rose by 3.2 per cent from N110.71tn in February. The increase was largely driven by a sharp rise in net foreign assets, which rose by 38.9 per cent to N45.17tn, indicating stronger capital inflows and possible revaluation gains. In contrast, net domestic assets declined by 11.7 per cent to N69.05tn, reflecting tighter liquidity within the domestic financial system. Despite efforts to curb inflation and control liquidity through the imposition of the highest CRR in the world, Nigeria’s monetary base continued to expand. 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. In the first quarter of the year, M3 grew by 2.8 per cent from N111.11tn in January to N114.22tn in March. Further data from the CBN show that the volume of currency circulating outside the banking system rose to N4.6tn in March, out of a total currency in circulation of N5.00tn. This means that 91.9 per cent of all cash in the economy was held outside the banks. It further represents a 26.7 per cent increase compared to N3.63tn held outside the banks in March 2024, when total currency in circulation stood at N3.87tn. The preference for cash has remained consistent throughout the first quarter of 2025, with January figures showing N4.74tn in cash outside banks (90.5 per cent of total), and N4.52tn in February (89.6 per cent of total). The sustained dominance of cash highlights the deep structural reliance on physical currency, particularly in informal sectors of the economy, where banking penetration and trust in digital systems remain low. While the government and the CBN have continued to promote cashless transactions and financial inclusion, the figures suggest that a significant proportion of Nigerians still operate outside the formal financial system. This trend is likely due to a mix of economic, infrastructural, and behavioural factors. With inflation rising and the cost of goods accelerating, many Nigerians prefer holding cash for immediate access and negotiation advantages. According to the National Bureau of Statistics, headline inflation rose to 24.23 per cent in March, up from 23.18 per cent in February, while month-on-month inflation jumped by 3.90 per cent. The inflationary environment, coupled with recurring issues in banking platforms—such as failed transfers, ATM errors, and poor customer service—has reinforced the public’s dependence on physical naira. Also noteworthy is the parallel growth in other monetary aggregates. M2, which includes savings and time deposits but excludes institutional holdings, rose to N114.20tn in March, compared to N91.95tn a year earlier. Narrow money (M1), which includes currency and demand deposits, also grew to N38.55tn, up by 19.7 per cent year-on-year. The persistent growth in money supply, despite the CBN’s record-high CRR, presents a policy dilemma for the Monetary Policy Committee, which is expected to meet on May 19 and 20, 2025. At its last meeting in February, the committee opted to hold the policy rate steady. However, with inflation climbing, cash remaining dominant, and foreign inflows pushing up liquidity, pressure is mounting for the CBN to take more decisive action. A rate hike is widely anticipated, though concerns remain that further tightening could stifle economic recovery and raise borrowing costs for households and businesses. The current Monetary Policy rate of 27.50 per cent charged by the CBN to commercial banks on borrowings is the fifth highest in the world, according to a member of CBN’s Monetary Policy Committee, Mustapha Akinkunmi. In Nigeria, the Monetary Policy Rate is the interest rate set by the CBN that serves as a benchmark for lending rates in the economy. It influences the cost of borrowing and the overall money supply. The MPR is the benchmark interest rate that the CBN lends to banks. It influences the interest rates that commercial banks charge their customers for loans and the rates offered on deposits. This rate, which was raised six times in 2024, is only lower than that of Argentina, with an interest rate of 29 per cent; Zimbabwe, with 35 per cent; Turkey, 45 per cent interest rate; and the highest rate of 59.4 per cent MPR in Venezuela. Akinkunmi disclosed this in the recently released personal statements of members after the 299th MPC meeting held between February 19 and 20, 2025. The seasoned economist said the rating highlights the country’s ongoing battle with inflation, currency depreciation, and economic instability. In a statement issued over the weekend at the end of its Article IV consultation mission to Nigeria, which was held between April 2 and 15, 2025, the International Monetary Fund said the CBN must maintain a tight stance to ensure that inflation continues to decline. It commended the Monetary Policy Committee’s data-driven approach and suggested that announcing a formal disinflation path could help anchor inflation expectations. “The Monetary Policy Committee’s data-dependent approach has served Nigeria well and will help navigate elevated macroeconomic uncertainty. Announcing a disinflation path to serve as an intermediate target can help anchor inflation expectations,” the Fund noted.

profile/5683FB_IMG_16533107021641748.jpg

News_Naija

Lagos Intensifies Probe As Building Collapse Deaths Hit Seven

The Lagos State Emergency Management Agency on Monday confirmed the recovery of two dead bodies under the debris of the collapsed three-storey building at Oremeta Street in the Ojodu-Berger area of the state, bringing the total number of bodies recovered to seven. This is as the Lagos Commissioner for Information and Strategy, Gbenga Omotoso, promised that the owner of the building would face the law. The Commissioner for Information and Strategy, Gbenga Omotoso, said, “There is a procedure if there is any building collapse. The state government will find out how it happened. Naturally, the law will take its course — the owner of the building will face the law,” he said. PUNCH Metro recalls that the building, which housed the popular Equal Right Restaurant and Bar, collapsed around 9 a.m. on Saturday, trapping workers, customers, and a family of three. Residents of the area had disclosed that the building has been abandoned for more than a decade before the recent resumption of construction works at the top floor. Emergency responders had since been conducting a search and rescue operation at the scene of the incident. Giving an update on the incident on Monday, the LASEMA spokesperson, Nosa Okunbor, disclosed that two more bodies were recovered on Monday, bringing the death toll to seven and 13 people with injuries. He added that the search for bodies under the rubble has ended. He stated, “As at the time of writing this report, Monday, April 21, 2025, at 13:14hrs, the total number of victims is 20. The number of victims rescued alive is 13, comprising four adult females and nine adult males. “The number of recovered dead commodities is 7, comprising five adult females and two adult males.” Okunbor noted that the search and rescue operation was still ongoing. “Outer and inner cordons are still maintained to ensure safe operation. LASEMA Response Teams are coordinating with full participation in the search and rescue operation,” he concluded.

profile/5683FB_IMG_16533107021641748.jpg

News_Naija

Bauchi Probes Dam Plant Workers Deaths

Bauchi State Governor, Bala Mohammed, has directed a thorough investigation into the circumstances behind the death of four people in the Gubi Dam of the state. Four staff members of the Bauchi State Urban Water and Sewerage Corporation tragically lost their lives during routine maintenance work at the Gubi Dam Water Treatment Plant. The deceased were Shayibu Hamza, 48, Abdulmalik Yahya, 29, Jamilu Inusa, 29, and Ibrahim Musa, 42. A statement by the governor’s Special Adviser Media and Publicity, Mukhtar Gidado, conveyed the governor’s condolences to the families, friends, and colleagues of the deceased persons. “This devastating incident has cast a shadow over the entire state, as we mourn the loss of these hardworking and committed public servants who died in the line of duty while contributing to the essential task of ensuring water supply for our people. “Their sacrifice and service will never be forgotten, and their legacy will continue to inspire all those working tirelessly to build a better Bauchi State. “Our thoughts and prayers are with their immediate families during this time of grief. We pray that the Almighty grants them the strength to bear this great loss and comforts their hearts with His divine mercy,” Mohammed said. He emphasised the urgent need for heightened safety measures and strict adherence to established protocols in all government and industrial operations. “We urge all public institutions and workers across the state to place safety as a top priority during official duties to prevent future occurrences of such painful incidents. “The State Government has already directed a thorough investigation into the circumstances surrounding the incident and will take all necessary steps to support the bereaved families and enhance workplace safety across all departments, “the governor added. The PUNCH reports that four workers of the Bauchi State Urban Water and Sewerage Corporation lost their on Sunday at the Gubi Dam Water Treatment Plant.

dataDp/3575.jpeg

Futbol

Are Reigning Champions Celtic Out Of SWPL Title Race?

With Celtic losing to Glasgow City on Friday, the SWPL title charge is starting to look like a three-horse race - with the reigning champions falling behind. That defeat left Elena Sadiku's side fourth, nine points off leaders Hibernian and also trailing Rangers by seven and City by six. So, are Celtic out of the reckoning with eight rounds of fixtures still to play? The tightness of the top three means the league leaders could change within one match day, but Celtic need at least a couple of weeks of teams dropping points to get back into the mix. Given Hibs, Rangers and City have lost just seven times between them all season, that is a tall order. With no fixtures this coming weekend because of the international break, it will be mid-April before reigning champions Celtic can resume the chase. That round of games on 13 April could be pivotal but, in truth, all games in the post-split period have that potential. Celtic travel to face Rangers, by which time Hibs will have hosted Hearts and Motherwell will have visited Glasgow City - all three live on the BBC. The SWPL is no stranger to dramatic finishes. The title has been decided on the final day in each of the two past campaigns, with Celtic triumphing on goal difference after scoring late to beat Hibs last season and City doing likewise at Ibrox the year before. "It's a big result," said Scotland captain Rachel Corsie of Glasgow City's Friday win over Celtic on the BBC's Behind the Goals podcast. "Celtic are nine points adrift. I was looking at it thinking I don't know if they can claw that back but everyone plays everyone so I'm going to say they're not out of it. "They're now under quite a bit of pressure. They're going to have to pick up a run." Glasgow City assistant head coach Leanne Crichton agrees, commenting: "From our perspective, I don't think they're out of it. There's too many points up for grabs." Celtic do have the opportunity to take points off the teams they currently need to peg back during the May run-in. Three of their final four games are against the current top three and the current top two - Hibs and Rangers - meet in Glasgow on the final day. The two other sides in the top six - Hearts and Motherwell - could also have a say in the destiny of the title by taking points in the final weeks of the season. Hearts have done just that in recent weeks against Rangers and Celtic. "There's still plenty twists of turns," added Corsie. And Crichton added: "Every game feels like a must-win anyway, there's so much pressure, we felt that on Friday. "Glasgow City go top on on Friday and then by Sunday you're back down to third. It's super exciting."