Nigerians hold N4.9trn cash outside banks as CBN records 104% rise

The amount of cash held by Nigerians outside the banking system has increased by 103.8 per cent in three years, reaching N4.923 trillion in September 2026 from N2.416 trillion recorded in September 2023, according to the Central Bank of Nigeria (CBN).
The increase means that cash held outside banks has more than doubled within the period, despite the growing use of electronic transfers, mobile banking, Automated Teller Machines (ATMs) and Point-of-Sale (POS) terminals across the country.
Data from the CBN’s Money and Credit Statistics showed that cash outside the banking system also rose by 10.3 per cent year-on-year, from N4.465 trillion in September 2025 to N4.923 trillion in Septe...