Nigeria’s Money Supply Grew by ₦7.51 Trillion in September — But What Drove the Rise?

Nigeria’s broad money supply (M3) rose by about ₦7.51 trillion in September 2026, reaching ₦146.60 trillion. But the increase needs context: Central Bank bills held by money-holding sectors rose sharply and accounted for about 74.4% of the M3 expansion. Meanwhile, the narrower M2 measure grew by about ₦1.92 trillion to ₦141 trillion. Credit to government increased by ₦6.36 trillion to ₦39.40 trillion, while private-sector credit edged down from ₦84.47 trillion to ₦83.93 trillion. These figures alone do not prove that government borrowing caused the decline in private-sector credit, or show how much of the growth translated into spending or inflation. The composition of money supply matters. Central Bank bills are interest-bearing instruments, so their inclusion in a broad monetary measure should not automatically be read as an equivalent increase in spendable deposits or new bank lending. To understand the change, we need to look at what grew, who received credit and how it may be used.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.