Currency outside banks rises 119% as banks’ reserves up 79%

Data from the Central Bank of Nigeria's Money and Credit Statistics shows currency outside banks rose 119.3 per cent between August 2023 and August 2026, reaching N4.874 trillion from N2.223 trillion. Over the same period, banks' reserves increased 79.3 per cent to N30.067 trillion from N16.769 trillion. The figures indicate cash outside the banking system grew faster than reserves, though the pace moderated after a sharp rise in 2024. Year-on-year, currency outside banks rose 74 per cent in August 2024.

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