Nigeria banking data shows rising government credit and cash outside banks

Recent data from the Central Bank of Nigeria (CBN) reveals significant shifts in the nation's credit and money supply. Credit to the federal government expanded by 63.1 per cent year-on-year to N39.4 trillion in September 2026, significantly outpacing the 15.7 per cent growth in private-sector credit, which reached N83.93 trillion.

Additionally, cash held outside the banking system rose to N4.92 trillion in September 2026, representing 89.23 per cent of the N5.52 trillion total currency in circulation. While the absolute amount of cash outside banks increased by 10.26 per cent compared to the previous year, its overall share of the total currency in circulation saw a slight decline from 90.15 per cent in September 2025.

In a separate development regarding credit accessibility, the National Credit Guarantee Company Limited (NCGC) reported facilitating N64.13 billion in loans to businesses and individuals. Supported by N30.19 billion in credit guarantees, the initiative has reached over 174,000 borrowers across Nigeria's 36 states and the Federal Capital Territory.