Nigeria: Net ₦264.48bn Withdrawn from Banks in November 2025 — CBN Data Shows Cash Outside Banking System Hits ₦4.91trn
Nigerians withdrew a net ₦264.48 billion in cash from banks in November 2025, driving the total amount of currency held outside the formal banking system to ₦4.91 trillion, latest statistics from the Central Bank of Nigeria (CBN) reveal.
According to the CBN’s Money and Credit Statistics for November, the surge in cash withdrawals reflects a persistent preference among individuals and businesses for physical currency over digital and bank-held funds — a trend that has continued despite ongoing efforts to deepen electronic payments and reduce reliance on cash.
Cash Outside Banks and Currency in Circulation
The data shows that:
Currency outside the banking system — the amount of physical cash that is not held in banks — reached ₦4.91 trillion in November, up from ₦4.65 trillion in October.
Total currency in circulation — which includes both cash outside banks and money held in bank vaults — also rose to ₦5.26 trillion in November from ₦5.06 trillion in October.
These figures indicate that a vast majority of Nigeria’s currency continues to circulate outside formal institutions, underscoring the country’s largely cash-driven economy.
Trend and Economic Implications
Over the course of 2025, the level of cash held outside banks fluctuated, reaching its highest point in November as household and business demand for physical cash intensified ahead of the festive season and year-end spending.
