Central Bank of Nigeria boosts money supply to N146.6tn
In September 2026, Nigeria's broad money supply rose by N7.51tn to N146.6tn, marking a 5.4% increase from N139.09tn in August. This growth, amounting to N22.65tn or 18.3% since January, is attributed to a shift in monetary policy by the Central Bank of Nigeria (CBN).
The CBN cut its benchmark interest rate from 26.5% to 23% during its 307th Monetary Policy Committee meeting, representing the largest reduction since December 2006. The data indicates that narrow money also increased from N43.11tn in August to N44.05tn in September, with currency held outside banks rising from N4.87tn to N4.92tn.
The growth in money supply does not necessarily equate to increased consumer spending. The CBN retained the Cash Reserve Requirement for commercial banks at 45% and for merchant banks at 16%.
The latest expansion raises questions regarding its impact on inflation, lending, and economic growth.
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
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