Cash held outside Nigeria’s banking system rose to N4.87 trillion in August 2026, reversing a three-month downward trend, latest Central Bank of Nigeria (CBN) data show.
Currency outside banks increased by N70.9 billion, or 1.48%, from N4.80 trillion in July to N4.87 trillion in August.
The rebound followed declines in May, June and July, when cash outside banks fell from N5.19 trillion in May to N4.92 trillion in June and N4.80 trillion in July.
The three-month decline amounted to about N391.8 billion before the August recovery.
Still below January peak
Despite the August increase, cash outside banks remained N381.3 billion below the N5.25 trillion recorded in January.
On a year-on-year basis, however, the figure was higher by N419 billion, or 9.4%, compared with N4.45 trillion recorded in August 2025.
CBN data show that currency outside banks stood at N5.25 trillion in January and N5.19 trillion in February before falling to N4.92 trillion in June and N4.80 trillion in July.
The figure subsequently rebounded in August.
CBN pushes cashless economy
The latest increase comes as the CBN continues to promote digital payments and financial inclusion under its Nigeria Payment System Vision 2028.
The apex bank is targeting a reduction in cash circulating outside the banking system to below 40% of total currency in circulation by 2028, while seeking to raise financial inclusion to 95% of the adult population.
Nigeria’s digital payments ecosystem has expanded rapidly in recent years, driven by fintech platforms, mobile money, instant payments and digital banking services.
Meanwhile, Nigeria’s broad money supply (M3) rose to N139.38 trillion in August, up 16.4% from N119.69 trillion a year earlier.
Net domestic assets also increased by about N925.5 billion between July and August, reaching N101.99 trillion.
