Nigeria’s Money Supply Grows by N7.51 Trillion to N146.6 Trillion in September

Nigeria’s money supply increased by N7.51 trillion, reaching N146.6 trillion in September 2026. This rise shows a growing amount of money available in the financial system, following the Central Bank of Nigeria’s recent decision to lower its benchmark interest rate.

According to the Central Bank’s data, the broad money supply, known as M3, grew by 5.4 percent from N139.09 trillion in August. Since the start of the year, the total money supply has risen by N22.65 trillion, which is an 18.3 percent increase from N123.95 trillion.

The increase in money supply comes as the Central Bank aims to support economic activity while managing inflation. In September, they cut the Monetary Policy Rate (MPR) by 3.5 percentage points, marking the largest reduction since December 2006.

Broad money includes cash, savings, and deposits, as well as foreign currency deposits. While this growth signifies more funds in the financial system, it does not guarantee an increase in consumer spending or productive investments.

In September, the narrow money supply, which includes cash in circulation and easily accessible deposits, also saw a rise, going from N43.11 trillion in August to N44.05 trillion. The amount of currency held outside banks increased slightly during this period.

The Central Bank has set a challenge to manage this increased liquidity effectively. They aim to support economic growth while preventing any negative impacts on inflation and the stability of the currency exchange rate.