Nigeria’s Money Supply Rises by 48.3% YoY to N107.7 Trillion in October 2024

Nigeria’s broad Money Supply (M²) surged by 48.3% year-on-year (YoY) to reach N107.7 trillion in October 2024, up from N72.6 trillion in the same period of 2023, according to the Central Bank of Nigeria (CBN) Money and Credit Statistics report released yesterday.

EKO HOT BLOG reports that despite this increase, M² experienced a month-on-month (MoM) decline of 1.5%, dropping from N109.4 trillion in September 2024.

The YoY growth in money supply was largely driven by significant rises in its components. Quasi-money, which includes savings deposits, time deposits, and other near-money assets, saw a substantial increase, growing by 58% YoY to N73 trillion, up from N46.2 trillion in October 2023.

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Demand Deposits also rose sharply, climbing by 46.4% YoY to N34.7 trillion from N23.7 trillion in October 2023.

Currency outside banks grew by 59.2% YoY, reaching N4.3 trillion in October 2024, compared to N2.7 trillion in October 2023.

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Narrow money (M1) increased by 31% YoY, reaching N34.6 trillion in October 2024, up from N26.4 trillion in October 2023.

The growth in M² reflects the higher domestic borrowing by the government from the private sector, as evidenced by the 326.5% YoY increase in credit to the government, which reached N40.05 trillion in October 2024, compared to N9.39 trillion in the previous year.

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