Cash Outside Nigerian Banks Hits N4.92tn

Physical cash circulating outside Nigeria’s banking sector increased by N48.73 billion to hit N4.92 trillion in September 2026, according to money and credit data published by the Central Bank of Nigeria (CBN).

During the same period, Nigeria’s broad money supply expanded by N7.51 trillion, climbing from N139.09 trillion in August to N146.6 trillion in September.

CBN figures further revealed that narrow money—comprising physical currency and highly liquid bank deposits—grew to N44.05 trillion in September from N43.11 trillion recorded the previous month.

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The monetary expansion followed the Monetary Policy Committee’s decision in September to slash the benchmark interest rate by 350 basis points, lowering the rate from 26.5 per cent to 23 per cent in its largest single reduction since December 2006.

Cash outside Nigerian banks hits N4.92tn (News Central TV) — Cash outside Nigerian banks hits N4.92tn. Credit: Reuters

Alongside the rate cut, monetary authorities maintained key liquidity controls to regulate financial institutions.

The committee kept the cash reserve requirement at 45 per cent for commercial banks and 16 per cent for merchant banks while preserving the 75 per cent reserve mandate on non-Treasury Single Account public sector funds.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.