Cash outside banks rises by N48.7 billion to N4.92 trillion in September — CBN

Cash held outside Nigeria’s banking system rose by N48.7 billion to N4.92 trillion in September 2026.

This is according to latest Central Bank of Nigeria (CBN) data.

The figure increased from N4.87 trillion in August, reflecting a month-on-month rise of approximately 1%.

It was also higher than the N4.47 trillion recorded in September 2025, pointing to an increase in cash held outside banks over the past year.

The development comes as the CBN pursues a strategy to expand digital payments, deepen financial inclusion and reduce reliance on physical cash.

Cash outside banks rises in September

The latest figure represents a year-on-year increase of about 10.3% from N4.47 trillion recorded in September 2025.

• Cash outside banks rose from N4.45 trillion in August 2025 to N4.47 trillion in September 2025 before increasing to N4.65 trillion in October.
• The figure climbed to N5.41 trillion in December 2025 before declining to N5.25 trillion in January 2026.
• It remained above N5 trillion in February, April and May 2026, reaching N5.19 trillion in May before falling to N4.92 trillion in June.
• Cash held outside banks recovered to N4.80 trillion in July and N4.87 trillion in August before rising further in September.

Despite the latest monthly increase, the September figure remains below the levels recorded in the first five months of 2026, when cash outside banks exceeded N5 trillion in several months.

CBN targets lower cash dependence

The increase comes as the CBN seeks to encourage digital payments and reduce the amount of physical currency circulating outside the banking system.

At the launch of the Nigeria Payment System Vision 2028 in Abuja, CBN Governor Olayemi Cardoso said the roadmap would build on the country’s progress in digital payments while accelerating the development of a more inclusive and technology-driven financial system.

The strategy includes efforts to reduce cash outside banks to below 40% of total currency in circulation.

The CBN is also targeting financial inclusion for 95% of the adult population by 2028.

Nigeria’s digital payment ecosystem has expanded over the past decade, supported by fintech platforms, mobile money, instant payment systems and digital banking services. The CBN’s roadmap is intended to build on these developments and broaden access to formal financial services.

Digital payments remain central to CBN strategy

The September figures highlight the continued importance of cash in Nigeria’s financial system, even as the CBN pursues a shift towards electronic transactions.

• The bank’s payment-system strategy places digital infrastructure and financial inclusion at the centre of efforts to improve access to financial services and encourage wider use of electronic payment channels.
• The rise in cash outside banks, however, does not by itself establish whether Nigerians are using digital payments less frequently. The figures measure cash held outside the banking system, rather than the volume or value of electronic transactions.

The CBN’s target of reducing cash outside banks to below 40% of currency in circulation will therefore remain an important measure of progress under its Nigeria Payment System Vision 2028.