The total money in circulation in Nigeria soared by 51% year-on-year, reaching ₦108.96 trillion in November 2024, according to the Central Bank of Nigeria, CBN.
The CBN’s latest Money and Credit Statistics report attributes this unprecedented surge to escalating domestic borrowings by the Federal Government. This figure marks a sharp leap from ₦72.03 trillion recorded in November 2023.
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The data also highlights a significant rise in credit allocation across both public and private sectors. Credit to the government skyrocketed by 54%, standing at ₦39.6 trillion compared to ₦25.7 trillion the previous year. Meanwhile, loans and advances to the private sector grew by 27%, climbing from ₦59.7 trillion to ₦75.96 trillion.
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