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Currency in circulation (CIC) in Nigeria climbed to N5.015 trillion in May 2025, marking a modest increase from N5.003 trillion in April, according to the latest figures released by the Central Bank of Nigeria (CBN). The 0.24 per cent uptick points to continued liquidity build-up in the system, despite the apex bank’s tightening stance aimed at curbing inflation and mopping up excess money supply.
Also, there was an increase in currency outside the formal banking system. From N4.57 trillion in April, the amount of cash held by the public outside deposit-taking institutions rose to N4.63 trillion in May, a 1.38 per cent increase.
Furthermore, a proportion of the total currency in circulation, cash outside banks accounted for 92.4 per cent in May, up from 91.3 per cent in April.
A broader review of currency data over the past 12 months reveals a steady climb in CIC and currency outside banks. In May 2024, total CIC stood at N3.97 trillion, with N3.71 trillion approximately 93.5 percent outside the banks. By comparison, May 2025’s figures represent a year-on-year increase of 26.2 percent in total CIC and a 24.8 percent rise in currency held outside banks.
Throughout the second half of 2024, Nigeria experienced a consistent upward trend in physical currency supply.
In June 2024, CIC was N4.05 trillion, with N3.79 trillion, 93.5 percent outside banks. July maintained the same headline CIC but saw a slight dip in cash outside banks to N3.67 trillion, or 90.6 percent.
By August, CIC rose to N4.14 trillion and cash outside banks stood at N3.87 trillion. In September, CIC climbed further to N4.31 trillion with N4.02 trillion—roughly 93.3 percent held outside banks.
October recorded N4.55 trillion in circulation, with N4.29 trillion or 94.3 percent outside banks. November saw a notable jump to N4.88 trillion in CIC, with N4.65 trillion outside banks, the highest volume of out-of-bank currency for the year.
In December 2024, CIC peaked at N5.44 trillion before dropping slightly to N5.24 trillion in January 2025, N5.03 trillion in February, and N5.003 trillion in March. The most recent increase in May signals a return to expansion after a brief period of stabilisation.