- The Central Bank of Nigeria approved 5.71 billion banknotes for 2025, a 20.5% jump from the 4.74 billion pieces approved the previous year
- Nigeria’s currency in circulation climbed to N5.73 trillion in 2025, continuing a sharp upward trend from N3.33 trillion recorded in 2021
- Local printer NSPM delivered only 62% of its 2025 allocation before year-end, leaving 760.76 million pieces outstanding
The Central Bank of Nigeria (CBN) has approved the production of 5,706.8 million pieces of banknotes for 2025, up from 4,737.5 million pieces in 2024, as rising cash demand across the economy drove the apex bank to expand its currency indent by 20.5%.
The figures obtained from the CBN’s 2025 annual report & statement of accounts also revealed that currency in circulation grew by about 5.4% year-on-year to N5.73 trillion in 2025, compared with N5.44 trillion in 2024.
Photo: Ayorinde Ogundele
Source: Getty Images
The CBN linked the increase to stronger economic activity and higher demand for physical cash.
How the Printing Was Split
Of the total approved banknotes, the Nigerian Security Printing and Minting (NSPM) Plc received an allocation of 2.0 billion pieces, representing 35% of the total indent.
Foreign high-security printers were assigned the remaining 65%.
However, NSPM did not complete its portion within the year. By December 31, 2025, the local printer had delivered 1.24 billion pieces, equivalent to 62% of its share, with a face value of N368.83 billion.
The remaining 760.76 million pieces were still outstanding at year-end.
Foreign printers, by contrast, completed delivery of 2.21 billion pieces covering the N1,000, N500, and N200 denominations.
A separate batch of 1.5 billion pieces awarded to foreign printers in November 2025 was still being processed at the close of the year.
Currency in Circulation Trends
The CBN’s historical data tells a broader story about cash demand in Nigeria. Currency in circulation stood at N3.33 trillion in 2021 and dipped slightly to N3.01 trillion in 2022 before climbing to N3.65 trillion in 2023.
The figure has risen sharply over the last two years, reaching N5.44 trillion in 2024 and N5.73 trillion in 2025.
Despite the larger volume of banknotes approved for printing, the value of the currency indent has fallen considerably. The approved production value dropped to N370 billion in 2025 from N410 billion in 2024.
Photo: CBN
Source: Twitter
That figure represents a steep decline from N1.02 trillion recorded in 2023, N1.26 trillion in 2022, and N1.10 trillion in 2021, reflecting a shift towards printing lower-denomination notes at higher volumes.
CBN gives real reason N100, N200 notes are scarce
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has said the growing scarcity of N100 and N200 notes is the result of more Nigerians switching to digital payments and the declining everyday usefulness of low-value currency.
The CBN governor said the country’s financial system is shifting away from cash, particularly small notes, as electronic transactions become more common in daily life.
He also pointed to inflation as a contributing factor, noting that the purchasing power of smaller notes.
Source: Legit.ng