Nigeria’s currency in circulation (CIC) climbed to N5.015 trillion in April 2025, according to the latest figures released by the Central Bank of Nigeria (CBN). This marks a slight increase of 0.24 percent from the N5.003 trillion recorded in March.
The steady rise in CIC reflects ongoing liquidity build-up in the economy, even as the CBN continues its tight monetary policy stance.
In a significant development, the amount of cash held outside the formal banking system dropped for the first time in three months. It fell to N4.57 trillion in April from N4.59 trillion in March, representing a 0.4 percent decline month-on-month.
Despite the drop, a substantial 91.2 percent of currency remains outside banks, only slightly down from 91.4 percent the month before.
The upward trend in CIC has been consistent over the past year. In April 2024, total CIC stood at N3.92 trillion, with 92 percent outside banks. This figure rose to N3.97 trillion in May and N4.05 trillion in June, with the share of currency outside banks reaching as high as 93.5 percent.
Analysts say the persistent outflow of cash from the banking system poses challenges for monetary control and financial inclusion, despite recent improvements.
