Cash held outside Nigeria’s banking system rose to N4.92 trillion in September 2026, as the country’s broad money supply expanded to N146.6 trillion, according to data from the Central Bank of Nigeria (CBN).
The amount of currency outside banks increased by N48.73 billion from N4.87 trillion in August, reflecting a further rise in physical cash held outside the formal banking system.
The CBN data, published on its website on Wednesday, also showed that broad money supply, which measures currency in circulation and various deposit balances, climbed by N7.51 trillion from N139.09 trillion in August to N146.6 trillion in September. The latest figures indicate that Nigeria’s money supply continued to expand, supported by increases across key monetary aggregates.
Narrow Money Supply Increases
Narrow money supply, which comprises currency in circulation and highly liquid deposits, rose to N44.05 trillion in September from N43.11 trillion in August. Broad money supply also increased by approximately 18.3% between January and September, rising from N123.95 trillion to N146.6 trillion.
The growth in money supply comes amid the CBN’s efforts to manage inflation, liquidity and financial conditions through monetary policy.
Cash held outside banks refers to physical currency kept by individuals and businesses outside the banking system. Broad money, by contrast, includes currency, demand deposits, savings and time deposits, as well as foreign currency deposits.
The expansion in money supply followed the CBN’s September decision to reduce its benchmark interest rate by 350 basis points, from 26.5% to 23% marking the largest cut in the benchmark rate since December 2006.
