Nigerians hold N4.92trn cash outside banks in September – CBN

Cash held outside Nigeria’s banking system rose to N4.92trn in September 2026, as the country’s broad money supply climbed to N146.6tn, according to Central Bank of Nigeria data.

The CBN’s monetary data, published on Wednesday, showed that cash outside banks increased by N48.73bn from N4.87trn in August.

Broad money supply, which measures cash and various forms of bank deposits, rose by N7.51trn from N139.09trn in August to N146.6trn in September.

The increase pushed money supply 18.3 per cent higher than the N123.95trn recorded in January.

Narrow money, which comprises currency in circulation and highly liquid deposits, also rose to N44.05trn in September from N43.11trn in the preceding month.

Cash held outside banks refers to physical money kept by individuals and businesses outside the formal banking system.

Broad money, meanwhile, includes cash, demand deposits, savings and time deposits, as well as foreign currency deposits.

The latest figures came after the CBN’s Monetary Policy Committee cut the benchmark interest rate by 350 basis points in September, reducing it from 26.5 per cent to 23 per cent.

The reduction was reported as the largest cut in the benchmark rate since December 2006.

Despite the rate cut, the CBN retained the Cash Reserve Requirement for commercial banks at 45 per cent and merchant banks at 16 per cent.

The apex bank also maintained the 75 per cent reserve requirement on non-Treasury Single Account public-sector deposits.