Money

Cash Outside Nigerian Banks Rises to N4.92tn in September

Published

13 minutes ago

October 22, 2026

Cash outside Nigerian banks rose to N4.92tn in September 2026 as broad money supply increased to N146.6tn, according to CBN data

Cash held outside Nigeria’s banking system increased to N4.92tn in September 2026, rising by N48.73bn from N4.87tn recorded in August, according to monetary data published by the Central Bank of Nigeria.

Also read: Obi Hails Kwankwaso at 70, Praises His Public Service

The latest figures, released on the CBN’s website on Wednesday, also showed that the country’s broad money supply rose by N7.51tn to N146.6tn in September, compared with N139.09tn in the preceding month.

The increase in cash outside banks reflects a rise in the amount of physical currency held by individuals and businesses beyond the formal banking system.

The CBN data further showed that narrow money, which comprises currency in circulation and highly liquid deposits, increased to N44.05tn in September from N43.11tn in August.

Broad money, on the other hand, includes physical cash, demand deposits, savings and time deposits, as well as foreign currency deposits.

The expansion in money supply continued a broader upward trend recorded throughout the year, with the aggregate rising by 18.3 per cent from N123.95tn in January to N146.6tn in September.

The latest increase came after the CBN reduced its benchmark interest rate in September by 350 basis points, from 26.5 per cent to 23 per cent.

The rate reduction was reported as the largest cut in the benchmark interest rate since December 2006.

The Monetary Policy Committee also retained the Cash Reserve Requirement for commercial banks at 45 per cent and merchant banks at 16 per cent.

In addition, the committee maintained the 75 per cent reserve requirement on non-Treasury Single Account public-sector deposits.

The policy decisions form part of the CBN’s broader monetary management efforts as it responds to changing economic conditions, inflationary pressures and developments in the financial system.

Also read: Obi Hails Kwankwaso at 70, Praises His Public Service

The continued rise in broad money supply and cash held outside banks will remain important indicators for monitoring liquidity conditions and the movement of funds within Nigeria’s economy.

Money

EFCC Arraigns Two Lovers Over Alleged N35.9m Theft

Published

2 hours ago

October 22, 2026

Peculiar Adirika

The EFCC N35.9m theft case involves two young lovers accused of allegedly transferring money from a woman’s account in Edo State.

The Economic and Financial Crimes Commission(EFCC) has arraigned two young lovers, Marian Elia, 19, and Izuchukwu Uzoma, 21, over the alleged theft of N35.92m belonging to a woman, Mrs Esther Ogbeifun, in Benin City, Edo State.

Also read: Kaduna Steps Up Ebola Surveillance and Public Awareness

The commission disclosed this in a statement published on its official X account on Wednesday, stating that its Benin Zonal Directorate brought the defendants before Justice C.A. Obiozor of the Federal High Court.

According to the EFCC, the pair face a seven-count charge bordering on cybercrime, conspiracy and stealing.

The commission alleged that Elia, who grew up in Ogbeifun’s household, had access to the woman’s mobile phones and banking information, which she allegedly used to transfer funds into an account belonging to Uzoma, her boyfriend.

“Investigation by the Commission revealed that Elia, who grew up in the house of the victim, had access to her phones and bank information and allegedly executed a transfer of the said sum from the victim’s account into that of Uzoma, her boyfriend,” the statement said.

The EFCC further alleged that the defendants converted the money to their personal use.

One of the charges accused Elia of using Ogbeifun’s Moniepoint personal banking application to transfer a total of N35,920,000 into an account operated by Uzoma at United Bank for Africa.

The alleged transactions reportedly occurred between March 8 and July 29, 2026, in Benin, Edo State.

The charge cited Section 33(2)(c) of the Cybercrime (Prohibition, Prevention, etc.) Act 2015, as amended in 2024.

Both defendants pleaded not guilty when the charges were read to them in court.

Following their pleas, prosecution counsel, I.M. Elodi, asked the court to schedule the case for trial and remand the defendants in a correctional facility.

Justice Obiozor subsequently ordered that Elia and Uzoma be remanded at the Benin Correctional Centre in Benin City.

The court adjourned the case until December 7 for hearing.