Government deposits with the Central Bank of Nigeria (CBN) rose by 46.9% year-on-year (YoY) to N24.9 trillion in 2024, up from N16.94 trillion in 2023.

This development was disclosed in the recently released Financial Statement of the CBN.

The increase in government deposits mirrors the rise in money supply during the review period. According to data from the CBN Money and Credit Statistics, Money Supply (M₂) expanded by 42.4% YoY to N133 trillion in 2024, up from N79.3 trillion in 2023, largely due to inflationary pressures.

During this time, the CBN implemented several policy measures aimed at absorbing excess liquidity and curbing inflation.

Breakdown of Government Deposits

• Capital and Settlement Accounts: Rose by 78% YoY to N14.6 trillion in 2024, up from N8.2 trillion in 2023.
• Domiciliary Accounts: Increased by 138.6% YoY to N8.83 trillion, compared to N3.7 trillion in 2023.
• Other Accounts: Dropped by 71.6% to N1.43 trillion from N5.04 trillion in 2023.

Deposits from Financial Institutions

Deposits from financial institutions with the CBN stood at N27.5 trillion in 2024. Of this, bank reserve accounts accounted for N26.2 trillion, marking a 29.7% YoY rise from N20.2 trillion.

According to the latest Money and Credit Statistics, banks’ reserves with the CBN stood at N28.5 trillion as of March 2024.

Total Deposits in 2024

Combined deposits from both the government and financial institutions reached a total of N52.38 trillion in 2024, representing a 37% increase from N38.2 trillion in 2023.