Currency outside banks rises 104% in 3 yrs — CBN

•Demand deposits climb 71% •Analysts highlight cash dependence, financial inclusion challenges
By Peter Egwuatu
Currency held outside the banking system by Nigerians rose by 103.8 per cent to N4.923 trillion in September 2026 from N2.416 trillion in September 2023, highlighting the persistent demand for physical cash despite the expansion of electronic payment channels in the country.
Data from the Central Bank of Nigeria, CBN, Money and Credit Statistics, also showed that currency outside banks increased by 10.3 per cent year-on-year from N4.465 trillion in September 2025 to N4.923 trillion in September 2026.
The figures indicate that cash held outside the banking system has more...