Nigeria’s currency outside the banking system closed 2025 at a record high of N5.4 trillion, underscoring a sharp rise in the amount of physical cash held by Nigerians.
This is according to money supply data released by the Central Bank of Nigeria (CBN), which tracks liquidity conditions across the economy.
The surge came alongside a broader expansion in money supply, with total money supply reported by Nairametrics at about N124.4 trillion, raising questions about the effectiveness of the country’s cashless policy ambitions.