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Central Bank of Nigeria data show that currency outside banks stood at about ₦4.923 trillion in September 2026. The figure was up by ₦48.73 billion from August, marking a second straight monthly increase, and accounted for 89.23% of total currency in circulation
The Central Bank of Nigeria’s money and credit data show that currency outside banks rose to about ₦4.923 trillion in September 2026.
According to figures reported by TheCable, that was an increase of ₦48.73 billion from August 2026. It was also the second consecutive monthly rise in cash held outside the banking system.
The same report said cash outside banks made up 89.23% of total currency in circulation in September. Broad money supply also rose to ₦146.6 trillion during the period.
Vanguard reported that the September 2026 figure was 103.8% higher than the ₦2.416 trillion recorded in September 2023.
The latest numbers point to the continued heavy use of physical cash in the economy, even as banking and digital payment channels remain widely available.
Why It Matters
Cash held outside banks is closely watched because it gives a picture of how much physical money is circulating beyond the formal banking system. A high share of cash outside banks can affect how easily deposits return to lenders and how much money stays visible within the regulated financial system.
The latest CBN data also underline how large cash usage remains in Nigeria. With nearly nine out of every 10 naira in circulation outside banks in September, the figures suggest cash transactions still play a major role in everyday economic activity.
What It Means for Your Money
For most people, this report does not by itself change bank charges, interest rates or payment rules. It mainly shows that cash remains widely used in Nigeria, despite the growth of electronic payment options.
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Attention will now turn to upcoming CBN money and credit releases to see whether cash outside banks keeps rising after September or begins to ease. It will also be worth watching whether the share of currency outside banks remains near current levels and how broad money supply moves in the next data set.
Closing Summary
CBN data show that cash outside Nigeria’s banks climbed to about ₦4.923 trillion in September 2026, extending a recent monthly rise and highlighting the continued strength of cash use across the economy.
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