ABUJA, Nigeria — Cash held outside Nigeria’s banking system rose by ₦48.7 billion to ₦4.92 trillion in September 2026, according to the latest data from the Central Bank of Nigeria (CBN).
The figure is up from ₦4.87 trillion in August, a monthly rise of about 1%. It is also higher than the ₦4.47 trillion recorded in September 2025, a year-on-year increase of about 10.3%.
Recent trend
Cash outside banks was ₦4.45 trillion in August 2025 and ₦4.65 trillion in October 2025. It climbed to ₦5.41 trillion in December 2025 before easing to ₦5.25 trillion in January 2026. The figure stayed above ₦5 trillion in February, April and May, peaking at ₦5.19 trillion in May.
It then fell to ₦4.92 trillion in June, recovered to ₦4.80 trillion in July and ₦4.87 trillion in August, before the latest rise. September remains below the levels recorded in the first five months of 2026.
CBN’s cashless target
The increase comes as the CBN pushes digital payments and seeks to reduce the amount of physical currency circulating outside the banking system. At the launch of the Nigeria Payment System Vision 2028 in Abuja, CBN Governor Olayemi Cardoso said the roadmap would build on progress in digital payments and accelerate a more inclusive, technology-driven financial system.
The strategy aims to reduce cash outside banks to below 40% of total currency in circulation. The CBN is also targeting financial inclusion for 95% of the adult population by 2028.
What the figure does and does not show
The data measure cash held outside the banking system, not the volume or value of electronic transactions. A rise in cash outside banks therefore does not by itself show that Nigerians are using digital payments less.
