CBN Targets ₦2.83trn Cash Outside Banks Ahead of 2027 Polls
The Central Bank of Nigeria (CBN) has unveiled plans to bring ₦2.83 trillion currently outside the banking system into formal financial channels by 2028.
CBN Governor Olayemi Cardoso announced the targets during the launch of the Nigeria Payments System Vision (PSV) 2028 in Abuja, describing it as a roadmap to deepen digital payments, reduce cash dependence, and position Nigeria as Africa’s leading payments hub.
“One of the fastest ways to take a large number of people out of poverty is through an efficient payments system. So let us not look at it lightly,” he said.
Latest CBN figures show that ₦5.08 trillion of currency was outside banks in April 2026, representing 90% of total circulation.
The new vision aims to cut this to below 40%, potentially returning ₦2.83 trillion to the banking system.
The initiative comes ahead of the 2027 general elections, with concerns over cash-driven campaigns and vote-buying.
MPC members have warned that rising political spending could undermine disinflation gains and trigger fresh inflationary pressures.