Currency Outside Banks Hits N5.19tn in Nigeria

According to the latest data from the Central Bank of Nigeria (CBN), the amount of currency outside banks (COB) rose to N5.19 trillion in May 2026, representing 91.3% of the total currency in circulation, which is N5.69 trillion. This reflects a 12.1% increase from N4.63 trillion in May 2025.

The currency in circulation has shown an upward trend, increasing from N5.01 trillion in May 2025 to N5.69 trillion in May 2026. The data indicates that cash held outside the banking system has fluctuated over the past year, with notable increases during festive periods.

The figures also show a recovery from a decline to N4.42 trillion in July 2025, with subsequent months seeing a rise, peaking at N5.73 trillion in December 2025. Despite the growth of Nigeria's digital payment ecosystem, cash transactions continue to dominate significant segments of the economy, particularly in the informal sector, transport, and retail markets.