Currency in circulation (CIC) in Nigeria rose slightly to N5.015 trillion in April 2025, up from N5.003 trillion in March, according to the latest data from the Central Bank of Nigeria (CBN). The 0.24 percent increase signals persistent liquidity in the economy despite the central bank’s efforts to tighten monetary policy.
A key development, however, was the first decline in three months in the volume of currency held outside the banking system. Cash held outside banks dropped to N4.57 trillion in April from N4.59 trillion in March, representing a 0.4 percent month-on-month decrease. Despite this, 91.2 percent of total currency remains outside the formal banking sector, marginally lower than the 91.4 percent recorded in March.
The CIC has been on an upward trajectory over the past year. In April 2024, it stood at N3.92 trillion, with N3.61 trillion—or roughly 92 percent—outside the banking system. The trend continued month after month, reaching N4.88 trillion in November 2024, with N4.65 trillion outside banks—the highest share recorded during the period. CIC hit N5.44 trillion in December before dipping to N5.235 trillion in January 2025, N5.037 trillion in February, and N5.003 trillion in March.
The slight uptick in April suggests that liquidity remains robust, supported by broader growth in monetary aggregates. The money supply (M3) rose to N119.10 trillion in April, marking a 4.3 percent increase from N114.22 trillion in March and a 22.8 percent rise year-on-year from N96.97 trillion in April 2024.
Private sector credit also expanded, reaching N77.90 trillion in April, up from N76.26 trillion in March. In contrast, credit to the government fell by 8.9 percent month-on-month to N23.55 trillion, down from N25.85 trillion in March, though still 17.9 percent higher than the N19.97 trillion recorded in April 2024.
 in Nigeria rose slightly to N5.015 trillion in April 2025, up from N5.003 trillion in March, according to the...){kind=link}