COB Declines to N5.19tn as CIC Eases to N5.71tn

According to the latest data from the Central Bank of Nigeria (CBN), the currency outside banks (COB) has decreased to N5.19 trillion in February 2026, down from N5.21 trillion in January 2026. This figure is significantly lower than the peak of N5.40 trillion recorded in December 2025.

Similarly, the currency in circulation (CIC) has declined to N5.71 trillion in February 2026, compared to N5.73 trillion in January 2026. This trend marks the second consecutive month of decline, reinforcing earlier signs of a gradual return to liquidity in the formal financial system.

Despite these reductions, the COB remains elevated compared to N4.51 trillion in February 2025, indicating persistent structural demand for cash amid ongoing monetary tightening efforts. Over the past year, the COB has shown a steady rise, driven by inflationary pressures and increased cash demand, particularly as the COB reached a record high in December 2025 due to seasonal spending.