Broad money to total reserves ratio in Nigeria
Nigeria: Broad money to total reserves ratio was 3.65 in 2023. ◆ Volatile
Broad money to total reserves ratio in Nigeria, 1960–2023
Source: International Financial Statistics database, International Monetary Fund (IMF).
Analysis
In 2023, broad money to total reserves ratio in Nigeria stood at 3.65.
Compared with earlier readings it is up 9.3% on the previous year and up 20.6% over ten years.
Over the whole period, broad money to total reserves ratio in Nigeria peaked at 9.3 in 1983 and was at its lowest, 0.5755, in 1974.
Nigeria ranks 59th of 158 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 3.4 | 1.13 | 7 | 10 |
| 1970s | 2.47 | 0.5755 | 6.13 | 10 |
| 1980s | 5.18 | 1.73 | 9.3 | 10 |
| 1990s | 4.17 | 1.34 | 8.48 | 10 |
| 2000s | 1.22 | 0.6545 | 1.84 | 10 |
| 2010s | 2.98 | 2.3 | 3.95 | 10 |
| 2020s | 3.13 | 2.67 | 3.65 | 4 |
Countries ranked near Nigeria
More financial sector data for Nigeria
- Domestic credit to private sector 9.6% (2022)
- Claims on central government, etc. 8.6% (2022)
- Broad money 25.1% (2023)
- Monetary Sector credit to private sector 9.6% (2022)
- Net foreign assets 3.79 trillion current LCU (2022)
- Net domestic credit 66.12 trillion current LCU (2022)
- Net migration -15,258 (2025)
- Total reserves in months of imports 7.12 (2025)
- Domestic credit to private sector by banks 13.1% (2023)
- Official exchange rate 1,518 LCU per US$, period average (2025)
Frequently asked questions
- What is broad money to total reserves ratio in Nigeria?
- Broad money to total reserves ratio in Nigeria was 3.65 in 2023, according to International Financial Statistics database, International Monetary Fund (IMF).
- What is the highest broad money to total reserves ratio recorded in Nigeria?
- The highest recorded value was 9.3 in 1983.
- What is the lowest broad money to total reserves ratio recorded in Nigeria?
- The lowest recorded value was 0.5755 in 1974.
- How does Nigeria rank for broad money to total reserves ratio?
- Nigeria ranks 59th out of 158 countries with data for 2023.
- Is broad money to total reserves ratio rising or falling in Nigeria?
- Over the last ten years it is up 20.6%. The long-run trend across the full record is volatile.
- Where does this Nigeria data come from?
- The figures come from International Financial Statistics database, International Monetary Fund (IMF), published as part of Broad money to total reserves ratio. Statizoid updates them automatically from the source API.
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About this data
Broad money is the sum of all liquid financial instruments held by money-holding sectors that are widely accepted in an economy as a medium of exchange, plus those that can be converted into a medium of exchange at short notice at, or close to, their full nominal value. Reserve assets are external assets, including monetary gold, that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes (such as maintaining confidence in the currency and the economy, and serving as a basis for foreign borrowing). Reserve assets must be denominated and settled in foreign currency. This indicator is expressed as a ratio (a÷b).