The total currency in circulation in Nigeria surged to an all-time high of N5.24 trillion in January 2025, marking a 43.5 per cent increase from N3.65 trillion in January 2024, according to newly released data from the Central Bank of Nigeria (CBN).
Analysis of the CBN data showed that a significant portion of the N5.24 trillion, N4.74 trillion, or 90.4 per cent, was held outside the banking system, reflecting the continued dominance of cash transactions.
Compared to the same period last year, currency outside banks rose by 44.5 per cent, from N3.28 trillion in January 2024 to N4.74 trillion in January 2025.
The data shows a steady increase in both total currency in circulation and cash held outside banks over the past year.
At the beginning of 2024, currency in circulation stood at N3.65 trillion, with N3.28 trillion, 89.9 per cent outside banks.
