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Macro: Nigeria Net Liquidity (NNL) — the CBN version of WALCL − TGA − RRP

The Lab

Macro conditions and the day’s market — the context behind the chart. Every figure shows its source and date.

Nigeria Net Liquidity (NNL)

CBN
₦35.96trnNNL-RM · as of Sep 2026

Reserve money − OMO bills: the naira the CBN has created, less what it has drained back.

Policy rate (MPR)CBN
23.00%
as of Sep 2029 · unchanged from Sep 2026

The Monetary Policy Rate set by the CBN's Monetary Policy Committee.

Source: CBN · Money Market Indicators

External reservesCBN
$55.22bn
as of 30 Oct 2026 · −$18m from 29 Oct 2026

Gross external reserves held by the CBN, in US dollars.

Source: CBN · Movement in Foreign Reserves

USD / NGNCBN
₦1,346.01
as of 2 Nov 2026 · +₦0.01 from 30 Oct 2026

Closing rate in the Nigerian Foreign Exchange Market (NFEM), naira per US dollar.

Source: CBN · NFEM rates

Inflation (CPI)NBS
14.63%
as of Sep 2026 · −0.76 pt from Aug 2026

Headline consumer price inflation, year on year, published by the NBS.

Source: NBS CPI, as published by the CBN

GDP growthNBS
4.43%
as of Q2 2026

Real GDP growth, year on year (2019 base), published by the NBS.

Source: NBS · GDP report · entered by hand from the release

Each figure is the latest its source has published, so the dates differ: reserves and the exchange rate are daily, the policy rate and inflation monthly, GDP quarterly.