Nigeria’s Broad Money Supply (M2) surged by 51% year-on-year (YoY) to N108.96 trillion in November 2024, driven by domestic borrowings from the private sector by the Federal Government.
The Central Bank of Nigeria (CBN) revealed this in its Money and Credit Statistics report released on Monday, showing an increase from N72.03 trillion recorded in November 2023.
Broad Money Supply (M2) encompasses cash, demand deposits, savings deposits, money market deposits, and time deposits.
The report noted a consistent rise in M2 over six months from April 2024, though the trend reversed in October with a 1.5% month-on-month (MoM) decline to N107.7 trillion from N109.4 trillion in September. It rebounded in November, climbing 1.2% MoM to N108.96 trillion, supported by positive component changes.
Quasi Money, which includes savings deposits, time deposits, and other near-money assets, grew marginally by 1.96% YoY to N72.7 trillion from N71.3 trillion in November 2023.
Demand Deposits recorded a robust 34.4% YoY increase, rising to N31.6 trillion in November 2024 from N23.2 trillion in November 2023. Similarly, Currency Outside Banks soared by 50.9% YoY to N4.65 trillion from N3.08 trillion in the same period.
Narrow Money (M1) experienced significant growth, expanding 38% YoY to N36.3 trillion in November 2024 from N26.3 trillion in November 2023.
Additionally, credit to the government rose sharply by 54% YoY to N39.6 trillion in November 2024 from N25.7 trillion in November 2023. Credit to the private sector also increased, climbing 27% YoY to N75.96 trillion from N59.7 trillion.
As a result, net domestic credit saw a dramatic 91% YoY jump, reaching N115.6 trillion in November 2024 compared to N60.5 trillion in November 2023.
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