Cash held outside Nigeria’s banking system rose to N5.19tn in May 2026, despite the Central Bank of Nigeria’s sustained push for digital payments and financial inclusion.
Latest money and credit statistics from the CBN showed that currency outside banks increased by N109.34bn, or 2.15 per cent, from N5.08tn in April 2026 to N5.19tn in May.
The figure also represented a year-on-year increase of N559.16bn, or 12.07 per cent, from N4.63tn recorded in May 2025, indicating that Nigerians continued to keep a large volume of cash outside formal banking channels.
The data further showed that currency in circulation rose from N5.65tn in April to N5.69tn in May 2026, an increase of N43.59bn, or 0.77 per cent. On a year-on-year basis, currency in circulation grew by N675.19bn, or 13.46 per cent, from N5.01tn in May 2025.
The figures mean that 91.27 per cent of all currency in circulation was held outside banks
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