What this means
More money in the system, but not much more private lending
Broad money rose above ₦123 trillion in January 2026, which shows the financial system is still carrying a much larger stock of money than it did a year earlier.
But credit to the private sector was slightly lower than in January 2025, so that growth is not showing up as a clear lending surge to firms and households.
In simple terms: money supply is still expanding, but private credit is not accelerating in the same way.