ABUJA, Nigeria — Nigeria’s money supply rose to ₦146.6 trillion in September 2026, an increase of about ₦7.51 trillion from ₦139.09 trillion in August, according to data published on the Central Bank of Nigeria (CBN) website.
The jump represents monthly growth of about 5.4%, extending a rise in the money supply that has run through much of 2026.
Broad money supply climbs through 2026
Broad money, measured as M3, rose from ₦123.95 trillion in January to ₦146.6 trillion in September. The monthly path was:
- April: ₦125.19 trillion
- May: ₦129.54 trillion
- June: ₦133.27 trillion
- July: ₦139.1 trillion
- August: ₦139.09 trillion
- September: ₦146.6 trillion
Broad money captures funds available across the economy, including currency outside banks, demand deposits, savings and time deposits, and foreign currency deposits.
Narrow money and currency outside banks
Narrow money, which covers currency and highly liquid deposits, rose from ₦43.11 trillion in August to ₦44.05 trillion in September. Currency outside banks increased from ₦4.87 trillion to ₦4.92 trillion over the same month.
The growth in the broad measure is much larger than the rise in narrow money, which points to expansion in savings, time deposits and foreign currency deposits rather than cash in circulation.
The data show the increase in the stock of money within the financial system. They do not show how much of it went into consumer spending or inflation.
CBN cuts the Monetary Policy Rate
The rise in money supply follows the CBN’s decision at its 307th Monetary Policy Committee (MPC) meeting to cut the Monetary Policy Rate (MPR) by 350 basis points to 23%, the largest reduction since December 2006.
The committee also set the corridor around the MPR at +50 and -300 basis points. It kept the Cash Reserve Requirement (CRR) for commercial banks at 45%, the CRR for merchant banks at 16%, and the 75% requirement on non-Treasury Single Account (TSA) public-sector deposits.
The rate had been held at 26.5% at the 306th MPC meeting in July 2026. In September 2025, the committee had cut it by 50 basis points to 27%, then kept it there in November 2025.
