Nigeria’s Money Supply Soars to N66.4 Trillion in September 2023

Data from the Central Bank of Nigeria reveals Nigeria’s total money supply (M2) rose to N66.4 trillion in September 2023.

The money supply, identified as M2, captures the total amount of money available in the economy at a particular moment.

This includes physical currency such as coins and banknotes, in addition to various types of deposits maintained by individuals, enterprises, and institutions in banks and other financial entities.

Nigeria’s money supply has been on the rise since the central bank began its expansive monetary policy stand in the wake of the Covid-19 pandemic.