Currency in circulation (CIC) in Nigeria climbed to N5.015 trillion in May 2025, marking a modest increase from N5.003 trillion in April, according to the latest figures released by the Central Bank of Nigeria (CBN).
The 0.24 per cent uptick points to continued liquidity build-up in the system, despite the apex bank’s tightening stance aimed at curbing inflation and mopping up excess money supply. Also, there was an increase in currency outside the formal banking system.
From N4.57 trillion in April, the amount of cash held by the public outside deposit-taking institutions rose to N4.63 trillion in May, a 1.38 per cent increase. Furthermore, a proportion of the total currency in circulation, cash outside banks accounted for 92.4 per cent in May, up from 91.3 per cent in April.
A broader review of currency data over the past 12 months reveals a steady climb in CIC and currency outside banks. In May 2024, total CIC stood at N3.97 trillion, with N3.71 trillion approximately 93.5 percent outside the banks.
By comparison, May 2025’s figures represent a year-on-year increase of 26.2 percent in total CIC and a 24.8 percent rise in currency held outside banks.
