BY ABOUBAKR KAIRA BARRY, CFA
MANAGING DIRECTOR, RESULTS ASSOCIATES · BETHESDA, MARYLAND, USA
KEY TAKEAWAYS
▸ In Nigeria, money is created mainly by commercial banks and, to a lesser extent, by the Central Bank of Nigeria.
▸ Between 2015 and 2024, money supply grew at 20 percent annually while real GDP per capita fell by 0.6 percent, driving inflation and eroding living standards.
▸ CBN reforms matter, but price stability cannot be achieved without fiscal discipline, stronger public financial management, and tighter institutional guardrails.
▸ Durable reform requires constitutional fiscal rules, better budget management, stronger subnational transparency, and prudent banking regulation.
Read Full Publication Below:
Who Creates Money in Nigeria—and How to Build Institutions for Price Stability (1)
