Currency outside banks rises 119% as banks’ reserves up 79%

Peter Egwuatu
Currency outside banks in Nigeria more than doubled in three years, rising by 119.3 per cent between August 2023 and August 2026, according to the Central Bank of Nigeria, CBN’s Money and Credit Statistics.
The amount of currency outside the banking system increased to N4.874 trillion in August 2026, from N2.223 trillion in August 2023.
Over the same period, banks’ reserves rose by 79.3 per cent, to N30.067 trillion in August 2026 from N16.769 trillion in August 2023.
The data indicate that cash held outside banks expanded at a considerably faster pace than banks’ reserves during the three-year period, although the growth of currency outside banks moderated progressi...