Nigeria's Cash Demand Strengthens with COB Rising to N4.65tn and CIC to N5.06tn

In October 2025, Nigeria witnessed a surge in cash demand with COB reaching N4.65 trillion and CIC hitting N5.06 trillion, as per the Central Bank of Nigeria's report. This increase in physical cash circulation indicates a persistent reliance on cash transactions despite ongoing reforms to enhance liquidity and digital payment channels.

While private sector credit rose monthly, it recorded a slight decline year-on-year. Government credit, on the other hand, saw a significant increase in October.

These trends highlight the continued importance of cash in Nigeria's economy alongside efforts to promote digital financial inclusion.