RFA Breakfast Paper - October 21, 2026

Nigeria’s Money Supply Hits ₦146.6trn

Nigeria’s broad money supply (M3) rose to ₦146.6 trillion in September 2026, up about ₦7.51 trillion, or 5.4%, from ₦139.09 trillion in August, according to CBN data published on 21 October. M3 has grown from ₦123.95 trillion in January, an increase of roughly 18% in nine months. Narrow money rose to ₦44.05 trillion from ₦43.11 trillion, and currency outside banks edged up to ₦4.92 trillion. The expansion follows the CBN’s 350bp cut in the Monetary Policy Rate to 23% at its 307th MPC meeting, the largest reduction since 2006, with the CRR held at 45%. For investors, faster liquidity growth sits uneasily with disinflation: headline CPI slowed to 14.63% in September, but sustained money growth of this size could slow further easing, weigh on the naira and lift fixed-income yields if it feeds into prices or FX demand.

AI Optimism Lifts Nasdaq 1.05%

U.S. stocks rose on Wednesday as AI optimism returned after strong results and guidance. The S&P 500 gained 0.58% to 7,757.17, within 0.8% of its record, while the Nasdaq added 1.05% and the Dow rose 0.69% to a one-month high. Chips led, with the Philadelphia Semiconductor Index up 1.97% after Super Micro raised its quarterly revenue outlook. Communication services lagged as telecoms fell on satellite-competition fears. The 10-year yield edged up about 1bp to 5.13%. After the bell, Meta’s results beat estimates, supporting megacap sentiment.

Bank Sell-Off Pulls NGX Down 0.32%

The NGX All-Share Index fell 794.64 points, or 0.32%, to 245,116.49 on Wednesday, reversing Tuesday’s gain and erasing ₦515.95 billion to leave market capitalisation at ₦159.15 trillion. Banks led the decline: the NGX Banking Index fell 1.49% to 2,456.31 as Access Holdings, First HoldCo, Zenith Bank and Ecobank weakened. The Insurance Index lost 1.41% and Consumer Goods 0.43%, while Oil/Gas gained 0.12% on Oando. Breadth was negative at 18 gainers to 37 losers, though volume rose 1.53% to 354.03 million shares across 32,514 deals. Renewed pressure on tier-one banks suggests investors are still trimming financial exposure as 9M results begin to arrive.