Cash held outside Nigeria’s banking system increased to N4.92tn in September 2026, up by N48.73bn from the N4.87tn recorded in August, according to monetary data published by the Central Bank of Nigeria.

The increase coincided with a rise in the country’s broad money supply, which climbed to N146.6tn in September from N139.09tn in the preceding month, representing an increase of N7.51tn.

The CBN data also showed that narrow money, comprising currency in circulation and highly liquid deposits, rose from N43.11tn in August to N44.05tn in September.

Cash held outside banks refers to physical currency kept by individuals and businesses outside the formal banking system, while broad money encompasses cash, demand deposits, savings and time deposits, as well as foreign currency deposits.

Nigeria’s money supply expanded by approximately 18.3 per cent between January, when it stood at N123.95tn, and September, when it reached N146.6tn.

The growth followed the CBN’s decision in September to reduce its benchmark interest rate by 350 basis points, from 26.5 per cent to 23 per cent. The reduction was the largest cut in the monetary policy rate since December 2006.

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

The committee also maintained the 75 per cent reserve requirement on public-sector deposits held outside the Treasury Single Account framework.