Cash outside Nigerian banks rises to N4.92tn in September – CBN

The Central Bank of Nigeria (CBN) reported that cash held outside the country's banking system reached N4.92tn in September 2026, up from N4.87tn in August. This increase in cash outside banks, which is part of the broader money supply, followed the CBN's decision to cut its benchmark interest rate by 350 basis points to 23%. The rise in money supply, which grew by 18.3% to N146.6tn in September, was attributed to the expansion in various forms of money, including currency, deposits, and foreign currency deposits.

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