Business
Nigeria’s Cash Demand Moderates: Currency Outside Banks Falls in January 2026
Nigeria’s currency outside banks fell by 3.66% to ₦5.21 trillion in January 2026, reflecting a post-festive moderation in cash demand, CBN reports
Currency outside the banking system and total currency in circulation in Nigeria recorded slight declines in January 2026, reflecting a moderation in cash demand after the typical surge associated with year-end spending.
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According to the latest money and credit statistics released by the Central Bank of Nigeria (CBN), currency outside banks fell by 3.66% to ₦5.21 trillion in January 2026, down from ₦5.41 trillion in December 2025.
Similarly, total currency in circulation marginally declined by 0.03% to ₦5.73 trillion, compared with ₦5.73 trillion in December, signaling broadly stable liquidity conditions in the economy.
The figures indicate that cash held outside the banking system continues to dominate Nigeria’s monetary landscape, highlighting the country’s continued reliance on physical cash for transactions, especially within the informal sector.
“The decline in January follows the seasonal pattern in which currency demand rises sharply during the festive period and eases at the start of a new year as households and businesses return excess cash to banks,” the CBN noted.
A review of currency trends over the past year shows fluctuations but generally elevated cash holdings outside the banking system.
For instance, currency outside banks rose sharply in December 2025 to ₦5.41 trillion from ₦4.91 trillion in November, reflecting year-end liquidity build-up driven by festive spending and increased retail transactions.
Throughout 2025, currency outside banks ranged between ₦4.42 trillion and ₦4.74 trillion, reflecting intermittent adjustments in cash demand amid evolving economic conditions.
The seasonal pattern observed mirrors trends at the end of 2024, when year-end spending pushed cash outside banks from ₦4.65 trillion in November to ₦5.13 trillion in December.
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Overall, the modest declines in January 2026 suggest a post-festive normalization in cash demand, while the dominance of cash outside banks underscores Nigeria’s continued dependence on physical currency for daily transactions.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
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