Money supply in Nigeria rises by N6.1 trillion, now N50.5 trillion- CBN

Report from the central bank of Nigeria reveals Money Supply  is now at a record high of N50.5 trillion as of October 2022.

This is the highest level ever reported for one of the most important monetary-related statistics tracked by Nigeria’s central bank or any central bank in the world. The increase in money supply was N1.26 trillion in October alone, the third highest month after April and May this year.

The amount of money supply in the country has risen by N6.1 trillion this year alone having closed at N44.4 trillion at the end of 2021. The increase is on track to beat the N6.6 trillion achieved in the whole of 2021.

An increase means the level of money supply in an economy is meant to deliver two major actions.

I can help spur economic growth in the country as an increase in the supply of money in a depressed economy or one experiencing recession is often seen as a remedy.

In another way, excessive money supply growth can trigger galloping inflation in any country forcing a reversal of strategy.