Nigeria’s money supply swells by N7.5 trillion in one month, hits N146.6 trillion

Nigeria’s broad money supply rose to N146.6 trillion in September 2026, increasing by approximately N7.51 trillion from N139.09 trillion in August.

This is according to data published on the Central Bank of Nigeria’s (CBN) website.

The increase represents a monthly growth of about 5.4%, extending the rise in money supply recorded over much of 2026.

The expansion comes as the CBN balances efforts to contain inflation with measures to support economic activity and maintain macroeconomic stability.

Money supply records monthly increase

CBN data showed that broad money supply, measured as M3, rose from N123.95 trillion in January to N146.6 trillion in September 2026.

The figures indicate a substantial increase over the first nine months of the year.

• Money supply stood at N125.19 trillion in April and N129.54 trillion in May. It rose from N133.27 trillion in June to N139.1 trillion in July.
• Money supply stood at N139.09 trillion in August before reaching N146.6 trillion in September.
• Narrow money, which includes currency and highly liquid deposits, rose from N43.11 trillion in August to N44.05 trillion in September.
• Currency outside banks increased from N4.87 trillion to N4.92 trillion over the same period.

Broad money captures funds available across the economy, including currency outside banks, demand deposits, savings and time deposits, as well as foreign currency deposits.

Its expansion reflects an increase in the stock of money within the financial system, although the data alone do not establish how much of the increase translated into consumer spending or inflationary pressure.

CBN adjusts monetary policy rate

The increase in money supply comes after the CBN reduced its benchmark interest rate at its 307th Monetary Policy Committee (MPC) meeting in Abuja.

The committee cut the Monetary Policy Rate (MPR) by 350 basis points to 23%, the largest reduction in the benchmark rate since December 2006.

The MPC also adjusted the corridor around the MPR to +50 basis points and -300 basis points, while retaining the Cash Reserve Requirement (CRR) for commercial banks at 45%.

The CRR for merchant banks remained at 16%, while the 75% requirement on non-Treasury Single Account (TSA) public-sector deposits was also retained.

Earlier rate decisions

The latest policy adjustment followed a period of tighter monetary conditions as the CBN sought to manage inflation.

• At its 306th MPC meeting in July 2026, the committee unanimously retained the MPR at 26.50%, as previously reported by Nairametrics.
• In September 2025, the MPC reduced the rate by 50 basis points to 27% amid easing inflationary pressures. It retained the rate at 27% in November 2025, maintaining a cautious approach to balancing price stability with economic growth.

The rise in money supply and the subsequent rate reduction highlight the CBN’s evolving monetary policy stance.