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  "documentTitle": "2025 Nigeria Budget and Economic Outlook",
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  "notes": "The chart uses a dual-axis approach (LHS for Money Supply, RHS for MPR and Inflation).",
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      "text": "Money supply (M2) grew by 48.2% (YoY), reaching ₦107.7 trillion in October 2024, while inflation surged to 34.6% in November 2024, despite the Monetary Policy Rate (MPR) being increased to 27.5% during the same period.",
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      "text": "Money supply (M2) grew by 48.2% (YoY), reaching ₦107.7 trillion in October 2024, while inflation surged to 34.6% in November 2024, despite the Monetary Policy Rate (MPR) being increased to 27.5% during the same period. This underscores the increasing challenges in managing liquidity while striving to maintain price stability.\nPersistent imbalances between money supply growth and productivity in 2025 may further undermine the CBN’s ability to manage inflation effectively. To ensure long-term price stability and economic stability, disciplined monetary policy is essential to address naira liquidity challenges and curb inflationary pressures.",
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      "text": "Money Supply (M2): ₦107.7 trillion",
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      "text": "Source: CBN, PwC Analysis",
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