Nigerians held N5.19 trillion outside the banking system in May 2026, highlighting the enduring role of cash despite years of investment in digital payments and financial inclusion initiatives.
According to data released by the Central Bank of Nigeria (CBN), cash outside banks rose by N109.34 billion from N5.08 trillion in April and was N559.16 billion higher than the figure recorded a year earlier. Total currency in circulation also increased to N5.69 trillion during the month.
The figures show that 91.27% of currency in circulation remained outside banks, meaning more than nine out of every ten naira in circulation was held by households, businesses and participants in the informal economy.
Reporting by Nairametrics noted that bank reserves fell by N840.77 billion in May, even as regulators continue pushing digital payments nationwide.
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