‎The Central Bank of Nigeria’s (CBN’s) Money and Credit Statistics report has revealed that bank customers withdrew a total of N923.16bn from bank vaults between May 2024 and May 2025.
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‎The report further disclosed that, as of May 2025, the currency held outside banks amounted to N4.63tn, up from N4.57tn in April 2025. When compared with May 2024, this shows a substantial rise of 25 per cent, from N3.71tn, indicating a sharp withdrawal of cash from the banking system.
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‎The above figure underscores significant changes in the volume of currency held outside banks and the total currency circulating in the economy during the period under review. It is also a clear indication of the growing trend of holding cash outside the banks, which further demonstrates a growing demand for cash in the economy.
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‎According to the report, in May 2024, the proportion was 93.5%, pointing to a trend that continues to shape Nigeria’s financial landscape.
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‎The report also showed that the increase in the volume of withdrawals, amounting to N923.16bn, suggests that more Nigerians are opting to hold physical cash instead of saving or transacting through the formal banking sector.

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