Central Bank of Nigeria reports cash rise to N4.92tn in 2026

In September 2026, cash held outside Nigeria's banking system rose to N4.92tn, an increase of N48.73bn from N4.87tn in August, according to data released by the Central Bank of Nigeria (CBN). The broader money supply also increased by N7.51tn, reaching N146.6tn in September from N139.09tn in August.

Narrow money, which includes currency and highly liquid deposits, rose from N43.11tn in August to N44.05tn in September. The increase in cash outside banks is part of a wider expansion in money supply, which grew by 18.3 percent from N123.95tn in January to N146.6tn in September.

This expansion followed the CBN's decision to cut its benchmark interest rate by 350 basis points to 23 percent from 26.5 percent, marking the largest cut since December 2006. The Monetary Policy Committee also maintained the Cash Reserve Requirement for commercial banks at 45 percent and for merchant banks at 16 percent, while keeping the reserve requirement on non-Treasury Single Account public-sector deposits at 75 percent.