Nigerian currency outside banks falls to N4.8tn, lowest since Nov 2025
Currency held outside Nigerian banks fell to N4.8 trillion in July 2026, its lowest level since November 2025, according to Central Bank of Nigeria data. The figure dropped by N118.7 billion, or 2.4%, from N4.92 trillion in June, extending a decline that began in May when it stood at N5.19 trillion. Year‑to‑date, cash outside banks is down N450.2 billion (8.6%) from N5.25 trillion in January.
At the same time, currency in circulation slipped from N5.52 trillion in June to N5.38 trillion in July, while bank reserves jumped N2.73 trillion (8.0%) to N36.73 trillion. The shift shows more funds staying within the banking system, reflecting growing use of electronic payment channels and the CBN’s push for a cash‑lite economy. The apex bank aims to reduce cash outside banks to below 40% of total circulation and expand financial inclusion to 95% of adults by 2028 through initiatives like the Nigeria Payment System Vision 2028 and the NRBVN platform, which lets Nigerians abroad obtain their BVN remotely.
For individuals, the trend means safer, faster transactions via mobile money, instant payments and digital banking, but also a need to keep BVN updated and explore formal financial services. Will you move more of your transactions to digital platforms, ensure your BVN is current, or consider opening a bank account if you still rely mostly on cash?