Currency in Circulation Drops to ₦5.52tn in June 2026 — CBN.
Currency in circulation (CIC) in Nigeria fell to N5.52 trillion in June 2026 from N5.690 trillion in May, reflecting a moderation in cash held within the economy as the Central Bank of Nigeria (CBN) intensifies efforts to promote digital payments and reduce reliance on physical cash.
This is according to the latest data released by the CBN.
The latest figures come as the apex bank continues to pursue reforms aimed at accelerating Nigeria’s transition towards a cash-lite economy.
What the data is saying
The CBN data showed a decline in both total currency in circulation and cash held outside the banking system during the month.
Currency outside banks, which represents cash held by households, businesses and individuals rather than deposited in financial institutions, fell to N4.92 trillion in June from N5.19 trillion in May.
Currency in circulation declined by N166.68 billion month-on-month to N5.523 trillion.
Despite the monthly decline, cash circulating in the economy remained above the N5.008 trillion recorded in June 2025, representing a year-on-year increase of N515.78 billion, or 10.30%.
Currency outside banks fell from N5.19 trillion in May to N4.92 trillion in June.
Bank reserves increased by N233.23 billion, or 0.69%, to N33.996 trillion from N33.763 trillion.
The CBN’s Special Intervention Reserve remained unchanged at N329.39 billion in both May and June 2026.
The decline in cash outside banks suggests that more physical currency returned to the banking system during the month, supporting the CBN’s broader objective of improving liquidity management and reducing the volume of cash circulating outside regulated financial channels.
Electronic payment channels have expanded rapidly in recent years, supported by instant payment platforms, mobile banking applications, fintech companies and agent banking networks.
Cash continues to dominate transactions in several segments of the economy.
Retail markets, transportation, informal trade and rural communities remain heavily dependent on physical cash.
The CBN is seeking to deepen digital payment adoption while improving financial inclusion.
The transition is expected to reduce reliance on cash without eliminating physical currency from the economy.
The CBN recently unveiled the Nigeria Payment System Vision (PSV) 2028, a roadmap designed to modernise the country’s payment ecosystem and deepen financial inclusion.
The PSV 2028 framework targets a reduction in the proportion of cash circulating outside the banking system to below 40% of total currency in circulation by 2028.
The roadmap targets 95% financial inclusion among Nigeria’s adult population by 2028.
The CBN aims to position Nigeria as Africa’s leading digital payments hub.
More than 10 million QR-code and tap-to-pay acceptance points are planned across markets, transport hubs, commercial centres and rural communities.
The CBN Governor, Olayemi Cardoso, said the strategy builds on Nigeria’s achievements in digital payments while positioning the country for a more inclusive, secure and technology-driven financial system.
Nigeria’s broad money supply rose to N133.25 trillion in June 2026 from N129.21 trillion in May
