Nigeria's total money supply (M2) rises to ?66.4 trillion, a 1.9% increase

The entire amount of money in the economy at any given time, or M2, is defined as demand deposits, quasi-money, and currency that is not held in banks.Between August 2023 and September 2023, Nigeria's total money supply (M2) increased by 1.91%, from ?65.15 trillion to ?66.4 trillion.Nigeria's money supply has steadily increased since the nation's top bank, the Central Bank of Nigeria (CBN), began its expansive monetary policy during the COVID-19 pandemic in 2020.The entire amount of money in the economy at any given time, or M2, is defined as demand deposits, quasi-money, and currency that is not held in banks. This has maintained a consistent upward trend from early this year, 2023 and includes physical currency such as coins and banknotes, in addition to various types of deposits maintained by individuals, enterprises, and institutions in banks and other financial entities.