Since the country’s apex bank, the Central Bank of Nigeria (CBN) initiated its expansive monetary policy during the COVID-19 pandemic in 2020, Nigeria’s money supply has witnessed a steady increase.
M2 is described as the total amount of money available in the economy at a particular moment and includes quasi-money, currency outside banks, and demand deposits.
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.
