Nigeria’s Money supply Jumps 48% to N107.7trn in 2024 – CBN

Nigeria’s broad Money Supply (M²) increased by 48.3 percent year-on-year, YoY, to N107.7 trillion in October 2024, from N72.6 trillion in the corresponding period of 2023.

According to the Central Bank of Nigeria, CBN, Money and Credit Statistics data released yesterday the M² recorded six months consecutive increases since April 2024 but reversed the trend in October 2024 declining month-on-month by 1.5 percent from N109.4 trillion in September 2024.

The report also showed that the YoY increase in money supply followed positive changes in its components.

Quasi-money, including savings deposits, time deposits, and other near-money assets, rose significantly.

The data showed that Quasi Money grew by 58 percent YoY to N73 from N46.2 trillion in October 2023.

Similarly, Demand Deposits increased by 46.4 percent YoY to N34.7 trillion in October 2024 from N23.7 trillion in October 2023.

Currency outside banks increased by 59.2 percent YoY to N4.3 trillion in October 2024 from N2.7 trillion in October 2023.

Narrow money (M1), also grew by 31 percent YoY to N34.6 trillion in October 2024 from N26.4 trillion in October 2023.

The increase in M² reflects the high government domestic borrowing from the private sector which is reflected in the data.

Additionally, CBN said, credit to the government increased by 326.5 percent YoY to N40.05 trillion in October 2024 from N9.39 trillion in October 2023.