EKO HOT BLOG reports that despite this increase, M² experienced a month-on-month (MoM) decline of 1.5%, dropping from N109.4 trillion in September 2024.
The YoY growth in money supply was largely driven by significant rises in its components. Quasi-money, which includes savings deposits, time deposits, and other near-money assets, saw a substantial increase, growing by 58% YoY to N73 trillion, up from N46.2 trillion in October 2023.
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Demand Deposits also rose sharply, climbing by 46.4% YoY to N34.7 trillion from N23.7 trillion in October 2023.
Currency outside banks grew by 59.2% YoY, reaching N4.3 trillion in October 2024, compared to N2.7 trillion in October 2023.
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Narrow money (M1) increased by 31% YoY, reaching N34.6 trillion in October 2024, up from N26.4 trillion in October 2023.
The growth in M² reflects the higher domestic borrowing by the government from the private sector, as evidenced by the 326.5% YoY increase in credit to the government, which reached N40.05 trillion in October 2024, compared to N9.39 trillion in the previous year.
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