Currency Outside Banks Drops to N4.8 Trillion in July

In July 2026, currency held outside Nigerian banks fell to N4.8 trillion, the lowest level since November 2025, according to data from the Central Bank of Nigeria (CBN). This represents a decline of N118.7 billion, or 2.4%, from the N4.92 trillion recorded in June, continuing a downward trend from N5.19 trillion in May.

The decline brings the currency outside banks below the N5 trillion mark, reversing part of the earlier increase in the first half of the year. CBN data indicates that currency outside banks was N5.25 trillion in January 2026, with subsequent monthly figures showing a decrease.

The decline coincides with a rise in bank reserves, which increased from N34 trillion in June to N36.73 trillion in July, an increase of about N2.73 trillion, or 8.0%. The CBN aims to reduce cash circulation outside the banking system to below 40% of total currency in circulation while expanding financial inclusion to 95% of the adult population by 2028.