Central Bank of Nigeria's Bills Hit N5.6 Trillion in September

In September 2026, Central Bank bills held by money-holding sectors surged to N5.60 trillion from N9.68 billion in August, representing 74.4% of the monthly increase in Nigeria's broad money supply. The Central Bank of Nigeria reported that the total broad money supply, measured by M3, rose by N7.51 trillion to N146.60 trillion.

The increase in CBN bills accounted for the majority of this growth, while the narrower M2 measure, which excludes CBN bills, rose by 1.38% to N141.00 trillion. The rise in CBN bills does not indicate a corresponding increase in cash available for transactions, as these are interest-bearing instruments used for liquidity management.

Additionally, net domestic credit increased by 4.96% month-on-month to N123.34 trillion, while net foreign assets decreased by 13.57% to N30.90 trillion. This data indicates a shift towards domestic assets amid the contraction of net foreign assets.