Nigeria’s Broad Money Supply (M2) surged by 51 per cent Year-on-Year to N108.96 trillion in November 2024, driven by domestic borrowings from the private sector. The figure, revealed in the Central Bank of Nigeria’s Money and Credit Statistics, represents an increase from N72.03 trillion recorded in the same period in 2023.
Broad Money Supply (M2) includes cash, demand deposits, savings deposits, money market deposits, and time deposits. According to the report, M2 experienced consistent growth over six months starting in April 2024.
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However, the trend reversed in October 2024, with a 1.5 per cent decline month-on-month to N107.7 trillion from N109.4 trillion in September. The figure then rebounded in November, rising by 1.2 per cent to reach N108.96 trillion.
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