Nigeria’s currency in circulation increased to ₦5.73 trillion in 2025 after the Central Bank of Nigeria (CBN) released 3.43 billion newly printed naira notes into the economy to meet rising cash demand, according to the apex bank’s latest Annual Report.
The report revealed that currency in circulation (CIC) rose by ₦290 billion, up from ₦5.44 trillion recorded in 2024.
According to the CBN, the new currency notes were printed by the Nigerian Security Printing and Minting Company (NSPM) Plc alongside foreign security printing firms.
Of the 3.43 billion notes produced during the year, the NSPM supplied 1.23 billion, while foreign printers delivered 2.20 billion, accounting for the larger share of total production.
To satisfy increasing demand for physical cash, the CBN approved the printing of 5.70 billion notes across different denominations in 2025, compared to 4.73 billion approved in 2024, representing a 20.5 per cent increase.
Under the production plan, the NSPM was assigned 2.0 billion notes, representing 35 per cent of the approved volume, while foreign security printers were responsible for the remaining 65 per cent.
Despite the increased printing programme, the report showed that not all approved orders had been completed by the end of the year.
It disclosed that a supplementary order for 1.50 billion notes, awarded to foreign printers in November 2025, was still being processed as of December 31, 2025.
The report also revealed that the NSPM had yet to deliver 760.76 million notes, representing about 38 per cent of its allocated production target.
The CBN attributed the rise in currency circulation to increased economic activities and stronger demand for cash transactions across the country.
According to the report, the growing need for cash required a corresponding increase in currency production to ensure sufficient supply and support the nation’s payment system.
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