Cash held outside Nigeria’s banking system increased to N4.87 trillion in August 2026, ending a three month decline, according to latest Central Bank of Nigeria data.
Currency outside banks surged N70.9 billion or 1.48 per cent from N4.80 trillion recorded in July.
The growth, according to the News Chronicle, is the result of dwindling cash outside banks which dropped from N5.19 trillion in May and N4.80 trillion in July.
The News Chronicle reports that the amount of cash outside the banks as at August is N381.3 billion less than the N5.25 trillion rolled out in January.
Despite the dip, cash outside banks grew on a yearly basis as it climbed by about N419 billion from N4.45 trillion recorded in August 2025.
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The latest data indicates the Central Bank of Nigeria (CBN) is making progress with its drive toward its adoption of digital media for payments and financial inclusion.
As reported, the apex bank’s Nigeria Payment System Vision 2028 is aimed at achieving 95 per cent financial inclusion of Nigerians by 2028 and have cash outside banks make up less than 40 per cent of the total money supply.
The money supply in Nigeria also jumped to N139.38 trillion in August from N119.69 trillion recorded in the same period last year.
