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The CBN has maintained a tight monetary stance over the last few years in a bid to manage inflation and stabilise the financial systemPart of the measures include mopping up excess liquidity, tightening credit conditions, and influencing the money supplyDespite these efforts, recent data show that cash usage outside the formal banking system
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Currency outside Nigeria’s banking system rose to N5.193 trillion in May 2026, indicating persistent reliance on cash in the economy
From N5.083 trillion recorded in April 2026, it increased by 2.16% in May 2026, according to data from the Central Bank of Nigeria (CBN).
Nigeria’s economy shows rising cash preference amid credit fluctuations Photo: BloombergSource: Getty Images
Cash outside bank
The figure is also slightly higher than the N5.188 trillion recorded in February, showing that cash holdings remain
