This paper examined the relationship subsisting between banking sector reforms and money market. Annual data collected from the Central Bank of Nigeria (CBN) statistical bulletin spanning the period 2004–2018 were analysed using the OLS model. The study adopted commercial paper as a proxy for money market performance, while banking reforms was proxied by credit to the private sector (CPS), broad money supply (M2) and total bank deposit (TD). Our findings revealed that an increase in the credit to the private sector (CPS) and total deposits (TD) will lead to a significant rise in the volume of commercial paper (CP) traded on the Nigerian Stock Exchange. While an increase in a rise in the total money supply in the economy will lead to a significant fall in the volume of commercial paper (CP) traded on the Nigerian Stock Exchange. To this tune, we recommend amongst others that the government continue to consolidate on existing reforms to improve deepening of the money market.