The Central Bank of Nigeria (CBN) has reported that cash in circulation rose to N5.73 trillion in 2025. This is up from N5.44 trillion in 2024. The bank said the rise is due to a faster pace of economic activity and higher demand for cash.
This information is in the CBN’s 2025 Annual Report and Statement of Accounts. The report also showed that the bank approved more banknotes for printing this year compared to last year.
The CBN approved a currency indent of 5.71 billion pieces across different denominations for 2025. This is a 20.5 per cent increase from the 4.74 billion pieces approved in 2024.
According to the report, 35 per cent of the printing allocation went to the Nigerian Security Printing and Minting Plc (NSPM Plc). The remaining 65 per cent was given to foreign high-security printers.
FX inflows
The CBN report also revealed that total foreign exchange inflows into the economy increased to $109.86 billion in 2025. This is up from $96.53 billion in the previous year.
The bank stated that the rise was mainly due to higher autonomous inflows, not from official sources. "The development was attributed, largely, to an increase in inflow through autonomous sources," the CBN said.
The report noted that foreign exchange inflows from autonomous sources grew by 25.12 per cent to $70.54 billion. This accounted for 64.21 per cent of total inflows for the year.
The CBN said the growth was mainly from stronger non-oil export receipts, over-the-counter purchases, and increased capital importation.
Total FX outflows reached $49.05 billion, rising by 27.83 per cent from $38.37 billion. This increase was also due to higher outflows from autonomous sources. "Overall, the economy recorded a higher net inflow of $60.81 billion, from $58.16 billion in 2024," the central bank stated.
The CBN added that outflows through the bank made up 66.86 per cent of the total. Outflows through autonomous channels accounted for the rest. A breakdown showed that outflows through the bank increased by 1.74 per cent to $32.79 billion, up from $32.23 billion.
Outflows through autonomous channels rose by 164.84 per cent to $16.26 billion compared to 2024. The report also mentioned that a net inflow of $54.28 billion was recorded through autonomous sources, compared with $50.24 billion in 2024.
FX utilisation
The CBN stated that foreign exchange usage grew by 59.36 per cent to $42.83 billion, up from $26.88 billion in 2024.
A breakdown of this usage showed that $18.76 billion, which is 43.80 per cent of the total FX used, was for visible imports. This is compared to $15.62 billion in 2024.
According to the CBN, the industrial sector used the largest share of the FX for visible imports, accounting for 42.11 per cent. This was followed by the oil sector at 25.91 per cent, manufactured products at 15.64 per cent, food products at 10.51 per cent, the transport sector at 3.78 per cent, the mineral sector at 1.04 per cent, and the agricultural sector at 1.00 per cent.
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