Driven by domestic borrowings from the private sector, Nigeria’s Broad Money Supply grew by 51% Year-on-Year to N108.96 trillion in November 2024.
According to the Central Bank of Nigeria’s Money and Credit Statistics data released on Monday, Broad Money Supply increased from N72.03 trillion in November 2023 to N108.96 trillion in November 2024.
Broad Money Supply includes cash, demand deposits, savings deposits, money market deposits, and time deposits.
According to the report, M2 recorded a six-month increase since April 2024.
However, the trend reversed in October 2024, declining by 1.5% month-on-month to N107.7 trillion from N109.4 trillion in September. It then increased by 1.2% to N108.96 trillion in November.
The report also highlighted 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, also saw a slight increase.
The data revealed that Quasi Money grew by 1.96% YoY, rising to N72.7 trillion from N71.3 trillion in November 2023.
Similarly, Demand Deposits increased by 34.4% YoY, reaching N31.6 trillion in November 2024, up from N23.2 trillion in November 2023.
Currency outside banks surged by 50.9% YoY, rising to N4.65 trillion in November 2024, up from N3.08 trillion in November 2023.
Narrow money also saw a significant increase, growing by 38% YoY to N36.3 trillion in November 2024, from N26.3 trillion in November 2023.
According to the CBN, credit to the government increased by 54% YoY, rising to N39.6 trillion in November 2024 from N25.7 trillion in November 2023.
In contrast, credit to the private sector grew by 27% YoY, reaching N75.96 trillion in November 2024 from N59.7 trillion in November 2023.
This led to a 91% YoY rise in net domestic credit, which stood at N115.6 trillion in November 2024, up from N60.5 trillion in the same period of 2023.
