- Nigeria’s broad Money Supply (M²) increased by 48.3% year-on-year to N107.7 trillion in October 2024.
- Quasi-money rose by 58% to N73 trillion, while Demand Deposits increased by 46.4% to N34.7 trillion.
- Currency outside banks grew by 59.2% to N4.3 trillion, and Narrow money (M1) increased by 31% to N34.6 trillion.
Nigeria’s money supply has reached a record high of N107.7 trillion, representing a 48.3% year-on-year increase. This significant growth is attributed to the expansion of quasi-money, which includes savings deposits, time deposits, and other near-money assets. Quasi-money rose by 58% to N73 trillion, while Demand Deposits increased by 46.4% to N34.7 trillion.
Other components of the money supply also experienced significant growth. Currency outside banks grew by 59.2% to N4.3 trillion, and Narrow money (M1) increased by 31% to N34.6 trillion.
The increase in money supply is largely driven by the government’s high domestic borrowing from the private sector. According to the Central Bank of Nigeria (CBN), credit to the government increased by 326.5% year-on-year to N40.05 trillion in October 2024.
