CBN Urges Balance as Digital Payments Surge 276% in Nigeria

The Central Bank of Nigeria (CBN) highlights the rapid growth of digital payments in Nigeria, with a 276% increase in transaction volume over the past five years. Governor Olayemi Cardoso and special advisor Fatai Kareem stress the importance of balancing digital innovation and physical cash in the payment ecosystem.

Despite the growth in digital transactions, cash usage has not declined significantly, with total currency circulation increasing to N5.1 trillion by 2025. The CBN emphasizes the critical role of cash in shaping the future of payments and calls for proper governance to ensure transparency, efficiency, and inclusivity.