Nigeria’s total currency in circulation rose to N5.24 trillion in January 2025, marking a 43.4% year-on-year (YoY) increase from N3.65 trillion recorded in January 2024.
The latest data from the Central Bank of Nigeria (CBN) also revealed that N4.74 trillion, or 90.5% of this total, was outside the banking system, held by individuals and businesses instead of being stored in bank vaults.
Despite the push for digital transactions, cash usage continues to rise, with a steady increase in the volume of money circulating outside formal banking channels.