Nigeria's Broad Money Supply (M2) increased significantly by 51 percent year-on-year to N108.96 trillion in November 2024, while currency in circulation reached an all-time high of N4.8 trillion, according to the latest Central Bank of Nigeria (CBN) Money and Credit Statistics.

The substantial increase in M2, which represents cash, demand deposits, savings deposits, and other monetary instruments, reflects the government's high domestic borrowing. The data showed that credit to the government surged by 54 percent year-on-year to N39.6 trillion in November 2024 from N25.7 trillion in November 2023, while credit to the private sector rose by 27 percent to N75.96 trillion.

Currency outside banks, representing about 96 percent of currency in circulation, grew significantly to N4.65 trillion in November 2024, marking a 50.9 percent increase from N3.08 trillion in the previous year. This trend indicates an increasing preference for cash holdings outside the banking system, despite widespread reports of cash shortages that have led banks to limit daily ATM withdrawals to N20,000 per account.

The currency in circulation has shown steady growth throughout 2024, adding over one trillion naira since January when it was N3.65 trillion. The monthly progression saw consistent increases, from N3.69 trillion in February to N4.04 trillion in June, before reaching the current record level of N4.8 trillion in November.

Other monetary indicators also showed significant growth, with demand deposits increasing by 34.4 percent year-on-year to N31.6 trillion, and narrow money (M1) growing by 38 percent to N36.3 trillion. Quasi-money, including savings and time deposits, rose marginally by 1.96 percent to N72.7 trillion from N71.3 trillion in November 2023.

The overall expansion in net domestic credit reached 91 percent year-on-year, totaling N115.6 trillion in November 2024, up from N60.5 trillion in 2023, highlighting the significant increase in both government and private sector borrowing throughout the year.​​​​​​​​​​​​​​​​