Nigeria’s broad money supply rose by ₦7.51 trillion in September 2026 to ₦146.6 trillion, indicating a further expansion in liquidity across the financial system.
Data published by the Central Bank of Nigeria (CBN) showed that broad money supply, measured by the M3 monetary aggregate, increased from ₦139.09 trillion in August to ₦146.6 trillion in September, representing a monthly rise of approximately 5.4 per cent.
The latest increase brought the cumulative expansion in money supply since the beginning of the year to ₦22.65 trillion, or approximately 18.3 per cent, from ₦123.95 trillion recorded in January.
Broad money supply is a measure of money circulating within an economy, including currency and various forms of bank deposits and other liquid financial assets. Changes in the aggregate can provide insight into liquidity conditions, credit activity and developments in the financial system.
The September increase comes amid continuing efforts by monetary authorities to manage inflation, support financial stability and improve economic conditions.
The supplied figures associate the latest expansion with the Central Bank’s decision to reduce its benchmark interest rate. However, the data alone do not establish that the rate cut was the sole cause of the increase in money supply.
Changes in bank lending, government transactions, foreign exchange movements and the behaviour of depositors can also influence monetary aggregates.
An expanding money supply can support economic activity when additional liquidity helps businesses finance production, consumers meet spending needs and investors fund productive projects.
However, if liquidity grows faster than the economy’s capacity to produce goods and services, it can also contribute to inflationary pressure. The overall effect depends on the sources of the increase, the pace of economic growth and how the additional funds move through the financial system.
For policymakers, the figures provide another indicator to consider when assessing monetary conditions and determining how best to balance price stability with the need to support sustainable growth.
The increase to ₦146.6 trillion highlights the continued expansion of Nigeria’s monetary aggregates in 2026, although a fuller assessment would require examining accompanying inflation, credit and output data.