Currency in Circulation Rises to N5.73trn as CBN Printed 3.43bn Notes in 2025
By Aboki Forex —
Nigeria's currency in circulation rose to N5.73 trillion in 2025, up from N5.44 trillion in 2024, according to the Central Bank of Nigeria's 2025 Annual Report. The CBN printed 3.43 billion naira notes to meet growing cash demand.
The report said the notes, across different denominations, were produced by the Nigerian Security Printing and Minting Company (NSPM) Plc and foreign security printers. NSPM supplied 1.23 billion notes, while foreign printers delivered 2.20 billion units.
Approved currency indent rises 20.5%
The CBN approved a total currency indent of 5.70 billion notes for 2025, a 20.5% increase from the 4.73 billion pieces approved in 2024. NSPM was allocated 2.0 billion notes, or 35% of the order, while foreign printers got the remaining 65%.
However, not all approved orders were completed by year-end. A supplementary order of 1.50 billion notes awarded to foreign printers in November 2025 was still being processed as of December 31. NSPM also had 760.76 million notes, about 38% of its allocation, yet to be delivered.
More cash demand across the economy
The CBN attributed the increase in currency circulation to heightened economic activity and stronger demand for cash. Currency in circulation rose by N290 billion year-on-year to N5.73 trillion.
For Nigerian businesses, the rise reflects continued reliance on cash despite the push for digital payments. The N290 billion increase shows that cash remains a key part of daily transactions across the economy.