Nigerians withdrew N264.48bn in cash from banks in November 2025

Nigerians pulled a net total of N264.48 billion in cash from the country’s banking system in November 2025, according to the latest Money and Credit Statistics released by the Central Bank of Nigeria (CBN).

This surge raised the amount of currency held outside banks to N4.91 trillion.

The figure marked a noticeable increase from N4.65 trillion in October 2025, underscoring a strong ongoing preference for physical cash for transactions, even as authorities work to promote electronic payments.

Overall currency in circulation also rose to N5.26 trillion in November from N5.06 trillion in October.

As a result, the share of total cash held outside the formal banking system climbed to about 93.34 per cent, up from 91.87 per cent the previous month.

On an annual basis, cash outside banks increased by roughly N258.75 billion compared with November 2024, representing a 5.56 per cent rise.

Total currency in circulation grew by about 7.87 per cent over the same period.

Despite the higher absolute volume, the proportion of total cash outside banks was slightly lower than in November 2024, when it stood at about 95.38 per cent, suggesting a modest improvement in the amount of cash held in bank vaults.

Data throughout 2025 showed fluctuations in cash holdings outside banks, but November recorded both the highest value and the largest share of currency outside the formal banking sector for the year.