Cash Outside Nigerian Banks Hits ₦5.19 Trillion in May 2026

As of May 2026, cash held outside Nigeria's banking system increased to ₦5.19 trillion, reflecting a rise of ₦559.16 billion or 12.07% from ₦4.63 trillion in May 2025. This trend persists despite the Central Bank of Nigeria's (CBN) ongoing initiatives to promote digital payments and financial inclusion.

The CBN's latest monetary credit statistics indicate that currency outside banks rose by ₦109.34 billion, or 2.15%, from ₦5.08 trillion in April 2026. The CBN Governor, Olayemi Cardoso, has announced an ambitious plan to bring cash held outside the banking system into formal financial channels, targeting to onboard an additional 50 million Nigerians by 2028.

The CBN aims to reduce cash outside banks to less than 40% of the total money circulation, which would significantly improve monetary policy transmission and enhance the banking sector's liquidity.