According to the Central Bank of Nigeria, CBN, Money and Credit Statistics data released yesterday, the M2 has continued to increase since March 2024. Nigeria is recording massive rise in money supply across the financial system.
This come as the Central Bank of Nigeria said broad money supply (M2) increased by 64.6 percent year-on-year, YoY, to N108.95 trillion in September 2024, from N66.17 trillion in the corresponding period of 2023.
Also the apex bank said the narrow money (M1), grew by 40.7 percent YoY to N35.6 trillion in September 2024 from N25.3 trillion in September 2023.
Broad money is a category for measuring the amount of money circulating in an economy. It is defined as the most inclusive method of calculating a given country’s money supply and includes narrow money along with other assets that can be easily converted into cash to buy goods and services.
The data showed that Quasi Money grew by 58.7 percent YoY to N73.4 trillion from N46.2 trillion in September 2023, as demand deposits increased by 37.5 percent YoY to N31.5 trillion in September 2024 from N22.9 trillion in September 2023.
