The total currency in circulation in Nigeria declined to N5.52 trillion in June 2026, reflecting a moderation in cash usage during the month, according to data from the Central Bank of Nigeria (CBN).
The latest figures showed that currency in circulation fell by N170 billion, or 2.99 percent, from N5.69 trillion recorded in May 2026.
The decline came after currency in circulation rose by N43.59 billion, or 0.77 percent, between April and May, indicating a reversal of the previous month’s upward trend.
Despite the month-on-month decline, the June figure remained higher than the corresponding level recorded a year earlier, pointing to continued expansion in the volume of physical cash circulating within the economy.
The development comes amid the growing adoption of electronic payment channels, including bank transfers, mobile money and fintech-enabled payment platforms, which have continued to reshape Nigeria’s payments landscape.
However, cash remains an important means of transaction for millions of Nigerians, particularly in the informal economy and areas where access to formal banking and digital payment infrastructure is limited.
The latest CBN data also come against the backdrop of the apex bank’s efforts to manage liquidity in the financial system through monetary policy operations, including Open Market Operations (OMO). In June, the CBN conducted several liquidity-absorption operations as it sought to manage excess funds in the banking system.
The fall in currency in circulation could therefore signal a temporary moderation in demand for physical cash, although its broader implications for consumer spending, liquidity conditions and the shift towards digital payments will become clearer as subsequent monetary data emerge.
