Nigeria’s broad money supply grew by 48.3% year-on-year, reaching N107.7 trillion in October 2024, up from N72.6 trillion in the same period of 2023.
According to the Central Bank of Nigeria’s Money and Credit Statistics data released on Wednesday, the broad money supply (M²) had seen six consecutive months of growth since April 2024.
However, in October 2024, it reversed this trend, declining by 1.5% month-on-month, dropping from N109.4 trillion in September 2024 to N107.7 trillion.
The report also indicated that the YoY increase in money supply was driven by positive changes in its components.
Quasi-money, which includes savings deposits, time deposits, and other near-money assets, saw a significant rise.
The data revealed that Quasi Money grew by 58% year-on-year, reaching N73 trillion in October 2024, up from N46.2 trillion in October 2023.
Demand deposits grew by 46.4% year-on-year, reaching N34.7 trillion in October 2024, up from N23.7 trillion in October 2023.
Similarly, currency outside banks rose by 59.2% YoY, increasing to N4.3 trillion in October 2024 from N2.7 trillion in the same period of 2023.
Narrow money (M1) also increased by 31% year-on-year, reaching N34.6 trillion in October 2024, up from N26.4 trillion in October 2023.
The rise in M² reflects significant government domestic borrowing from the private sector, as shown in the data.
