Amid concerted efforts by the Central Bank of Nigeria(CBN) to reduce physical currency circulating outside the system rose by N48.7 billion to N4.92 trillion in September 2026.
This is according to the CBN’s latest data, reflecting a month-on-month rise of approximately one percent.
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.
CBN targets lower cash dependence
CBN haad on recent years introduced many strategies at reducing cash outside banks to below 40% of total currency in circulation.
Part of it was the financial inclusion strategy aiming 95% of the adult population by 2028.
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.
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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.
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 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.
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.