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Cash Outside Banks Rises to ₦4.87tn in August
Cash held outside Nigeria’s banking system rose to ₦4.87 trillion in August 2026, reversing three consecutive months of decline, according to Central Bank of Nigeria (CBN) data.
Currency outside banks increased from ₦4.80tn in July to ₦4.87tn in August, a monthly rise of ₦70.9bn or 1.48%. This followed a drop from ₦5.19tn in May to ₦4.92tn in June and ₦4.80tn in July, a three-month decline of ₦391.8bn.
Despite the August uptick, cash outside banks remained ₦381.3bn below the ₦5.25tn recorded in January. Year-on-year, however, it rose by ₦419bn (9.4%) from ₦4.45tn in August 2025.
Longer-term data show currency outside banks climbed above ₦5tn in January 2026 after standing at ₦4.47tn in September 2025. The latest increase comes as the CBN pursues a shift toward digital payments and financial inclusion.
At the launch of the Nigeria Payment System Vision 2028, CBN Governor Olayemi Cardoso said the roadmap aims to reduce cash outside banks to below 40% of total currency in circulation and achieve 95% adult financial inclusion by 2028.
Nigeria has seen rapid growth in digital payments over the past decade, driven by fintech platforms, mobile money, instant payments and digital banking services.
Broad money supply (M3) also rose to ₦139.38tn in August 2026, up 16.4% from ₦119.69tn in August 2025, with net domestic assets increasing by ₦925.5bn month-on-month.
