Connect with us

COVER

Cash Outside Banks Surges by N181.7bn in One Month – CBN

Published

on

Share

Cash held outside the banking sector rose sharply in October 2025, climbing to N4.646tn from N4.465tn in September, according to new money and credit statistics released by the Central Bank of Nigeria.The increase of N181.71bn marks one of the strongest monthly expansions recorded this year and highlights growing reliance on physical cash across the economy despite ongoing monetary tightening.

The latest figure also reflects a reversal from September, when currency outside banks had fallen slightly from N4.
450tn in August to N4.465tn in September. The October rebound suggests rising withdrawal pressures driven by higher consumer spending and deepening informal-sector activity.Currency in circulation, which represents the total cash issued into the economy by the apex bank, also rose from N4.
952tn in September to N5.058tn in October. With N4.646tn of that amount held outside banks, it means 91.9 per cent of all physical cash in circulation is outside the formal banking system, leaving just 8.1 per cent within banks.This high ratio presents a significant challenge for monetary policy transmission. Bank reserves dropped from N34.67tn in September to N31.58tn in October, signalling tighter system liquidity as banks lost cash to withdrawals.The combination of falling reserves and expanding out-of-bank cash holdings suggests a shift in liquidity distribution away from the formal system towards households and businesses.An examination of 2025 trends shows that currency outside banks has oscillated throughout the year but remained persistently high. In January, it stood at N4.737tn before falling to N4.516tn in February. It then rose steadily to N4.598tn in March and N4.568tn in April, reaching N4.633tn in May.A dip to N4.493tn occurred in June, followed by a slight decline to N4.450tn in August. The stronger rise in October marks a return to an upward trend. The behaviour of currency in circulation mirrors this pattern. It was N5.235tn in January before falling to N5.037tn in February, rising again to N5.003tn in March and N5.014tn in April.It then grew to N5.015tn in May, dipped slightly in August to N4.922tn, and rose again in September and October. The October figure of N5.058tn is close to the year’s highest and reflects a broader rise in currency supply.The ratio of currency outside banks to total circulation has stayed above 89 per cent throughout the year, underlining the structural challenge of Nigeria’s cash-heavy economy.The growing preference for physical cash raises several macroeconomic concerns. High out-of-bank cash weakens monetary control, reduces deposit mobilisation, creates liquidity constraints for banks and encourages informal transactions that escape regulatory visibility.It also complicates inflation targeting, as large cash volumes outside the banking system blunt policy effectiveness. The sharp rise in currency outside banks comes at a time when the CBN is focused on tightening liquidity to curb inflation, with the Monetary Policy Committee adjusting policy parameters in its September meetings.The jump followed the Monetary Policy Committee’s decision in September to cut the Monetary Policy Rate by 50 basis points to 27 per cent, the first reduction since 2020. The easing came as inflation began to moderate and foreign exchange conditions improved.However, at its November meeting, the MPC left the benchmark rate unchanged at 27 per cent and adjusted the policy corridor to prevent banks from warehousing liquidity at the apex bank, signalling a cautious approach to balancing easing with inflation control.CBN Governor, Olayemi Cardoso, announced the decision at the end of the committee’s 303rd meeting, where all twelve members were present. Cardoso said the MPC voted by a majority “to maintain the monetary policy stance,” adding that members were convinced that the economy required more time for earlier decisions to filter through.The committee also adjusted the corridor around the benchmark rate to +50/-450 basis points and retained the Cash Reserve Ratio at 45 per cent for deposit money banks, 16 per cent for merchant banks, and 75 per cent for non-TSA public-sector deposits.The liquidity ratio was kept unchanged at 30 per cent. According to the communiqué, the stance was underpinned by the need “to sustain the progress made so far towards achieving low and stable inflation,” adding that future policy choices would remain “evidence-based and data-driven.”The CBN said inflation had decelerated for seven consecutive months, falling from 34 per cent a year ago to 16.05 per cent in October. Food inflation slowed to 13.12 per cent from 16.87 per cent, while core inflation moderated to 18.69 per cent.The bank attributed the decline to sustained monetary tightening, improved FX market stability, higher capital inflows, and relative calm in fuel prices.At the press briefing, Cardoso argued that price stability was only the first step. “The issue of macro stability and the gains of macro stability, to my mind, is the core of the matter,” he said.“To the extent that we have accomplished stability, stability is a very fundamental process in the road to growth,” he added.

COVER

DAILY ASSET Appoints Torough, Editor, Names Eze, Deputy

Published

on

Share

By Laide Akinboade, Abuja 

As part of efforts to reposition the newspaper for optimum corporate performance, the management of Asset Newspapers Limited, Publishers of DAILY ASSET, has announced the appointment of David Torough as the Editor of the Abuja-based national daily.

A statement by the management said the appointments were part of the company’s new strategy to further penetrate the various states in the country and raise its readership and patronage.

“DAILY ASSET is widely acceptable across the country and to maintain our leadership position, we need to increase management presence, hence the need to create new Bureau offices in some locations outside Abuja and Lagos,” the statement quoted the Publisher/ Editor-in-Chief, Dr Cletus Akwaya to have said.

In a statement yesterday, Publisher and Editor-in-Chief of the fast-growing daily, Dr. Cletus Akwaya said the appointment was part of the new strategy to properly situate the paper for better productivity.

“DAILY ASSET has a commitment with the Nigerian people. We are determined to weather the storm and give Nigerian readers a Newspaper that satisfies their yearnings and reading pleasure and we can only do that with the right set of professionals,” the statement said.

Akwaya, a former Commissioner of Information from Benue State said the difficult times being faced by Nigerians posed a great challenge to the media as the people deserved credible information with which to make choices.

“We have a bond with the people, to offer credible information at all times in the best tradition of the Nigerian Press and on this scale of objectivity, truth and fairness, we pledge to remain steadfast no matter the challenges,” Akwaya was quoted to have said.

He said the newspaper will maiantin its daily print run and circulation to all states of the federation and urged advertisers to take advantage of the deep penetration of the Daily Asset brand to send their messages.

Torough, the new Editor has had a steady rise in the Newspaper in the last five years.

A graduate of Mass communication of the Benue State University, Makurdi, Torough joined the company in 2022 as Benue State Correspondent. He was spotted for his brilliance and redeployed to Abuja the following year and promoted to Deputy News Editor.  He was subswuently named Deputy Editor of the paper, a position he held until the recent appointment. 

Torough  has  attended several journalistic workshops and trainings to properly equip himself for the task ahead.

The statement also said the Management named Eze Okechukwu as Deputy Editor.

Before his elevation as Deputy Editor, Eze has been Deputy Politics Editor and  DAILY ASSET Newspaper correspondent  covering the Senate, having joined the organization in 2021.

Born on March 10, 1975, Eze holds a Masters Degree in Mass Communication from the Enugu State University of Science and Technology.

Eze began his journalism career with Daily Star, Enugu and later worked with Daily Trust Newspaper, Abuja as sports reporter.

Aside from his journalistic excellence, he has a great deal of passion for sports.

Continue Reading

COVER

Insecurity: Northern Govs, Monarchs Seek Six-month Mining Suspension

Published

on

Share

From Ngutor Dekera, Kaduna and Aliyu Askira, Kano

Northern governors and traditional rulers yesterday called for the suspension of mining activities across the region for six months, blaming illegal mining for worsening insecurity in many states.The resolution was contained in a communiqué issued after a joint meeting of the Northern States Governors’ Forum and the Northern Traditional Rulers’ Council held at the Sir Kashim Ibrahim House, Kaduna.

The meeting, chaired by the Gombe State Governor and NSGF Chairman, Muhammadu Yahaya, had in attendance the 19 northern governors and chairmen of the 19 states’ traditional councils.
The Forum expressed concern over the escalating violence in parts of the North, including the killings and abductions recently recorded in Kebbi, Kwara, Kogi, Niger, Sokoto, Jigawa and Kano states, as well as renewed Boko Haram attacks in Borno and Yobe.
“The Forum extends its deepest condolences and solidarity to the governments and good people of the affected states,” the communiqué said, noting that the attacks on schoolchildren and other citizens had become “unacceptable tragedies” that required urgent collective action.It commended President Bola Tinubu for what it described as the Federal Government’s “firm response” to recent abductions and insurgency threats, especially the rescue of some abducted pupils.The governors also saluted security agencies for their sacrifices on the frontlines.“We resolved to renew our support for every step taken by the President and Commander-in-Chief to take the fight to insurgents’ enclaves in order to end the criminality,” the Forum stated.A major highlight of the meeting was the North’s renewed push for the establishment of state police, with governors and traditional rulers insisting that decentralised policing had become inevitable.“The Forum reaffirms its wholehearted support and commitment to the establishment of state police,” the communiqué added, urging federal and state lawmakers from the region to “expedite action for its actualisation.”On illegal mining, the governors said criminal mining networks were fuelling violence and providing resources for armed groups.As a corrective measure, they asked Tinubu to direct the Minister of Solid Minerals to impose a six-month suspension of mining activities in order to allow for a full audit and revalidation of licences.“The Forum observed that illegal mining has become a major contributory factor to the security crises in Northern Nigeria. “We strongly recommend a suspension of mining exploration for six months to allow proper audit and to arrest the menace of artisanal illegal mining,” it said.To strengthen the fight against insecurity, the governors also announced the creation of a regional Security Trust Fund.Under the proposed arrangement, each state and its local governments will contribute ₦1bn monthly, to be deducted at source under an agreed framework.They said the fund would help provide sustainable financing for joint operations, intelligence-driven interventions and coordinated security responses across the region.At the end of the meeting, the Forum reaffirmed its commitment to unity and collective responsibility.“Only through unity, peer review and cooperation can we overcome the pressing challenges before us,” it declared.The Forum agreed to reconvene on a date to be announced.Meanwhile, Nigeria’s worsening security crisis took a grim turn on Monday as bandits launched fresh attacks in Kano State, abducting 25 villagers, even as the Federal Government raced to secure the release of more than 300 Catholic school children kidnapped in Niger State.In the early hours of Monday, armed bandits invaded Unguwar Tsamiya—popularly called Dabawa—in Shanono Local Government Area of Kano State, whisking away nine men and two women after shooting into the air and assaulting residents. The attackers also rustled two cows.A resident lamented the community’s helplessness: “We cannot do otherwise; most of us cannot leave because we have nowhere to go. This is our place, our land and everything is here.”The assault came less than 24 hours after a similar attack on Yan Kamaye in Tsanyawa LGA, a community along the volatile Katsina border.In Niger State, National Security Adviser Nuhu Ribadu has assured distraught families of St. Mary’s Co-Education School, Kontagora that the more than 300 students and staff abducted on November 21 will return home “soon.” Ribadu, who led a high-level federal delegation to the school on Monday, said the abductees are safe, though he offered no specifics on their location or the status of rescue operations.According to Daniel Atori, spokesman for the Catholic bishop overseeing the school, the NSA reassured officials: “The children are where they are and will come back safely.”The St. Mary’s attack is part of a worrying resurgence of mass kidnappings reminiscent of the 2014 Chibok schoolgirls’ abduction. Security analysts warn that banditry has evolved into a “structured, profit-seeking industry,” with hundreds of Nigerians abducted in November alone.The Kontagora school abduction occurred the same week 25 girls were kidnapped in Kebbi State—victims who authorities say have since been rescued through “non-kinetic” means. About 50 of the St. Mary’s hostages have also managed to escape.Ribadu’s delegation, which included the Minister of Humanitarian Affairs and the Director-General of the Department of State Services (DSS), reaffirmed the government’s commitment to securing the freedom of all abducted citizens.As communities from Kano to Niger continue to bear the brunt of these violent incursions, the escalating spate of kidnappings underscores the urgent national demand for a more decisive and coordinated security response.

Continue Reading

COVER

Abacha Loot Probe: Malami Faces EFCC Panel Daily in December

Published

on

Abubakar Chika Malami SAN Attorney General
Share

By David Torough, Abuja

The Economic and Financial Crimes Commission (EFCC) said former Attorney‑General of the Federation and Minister of Justice,  Abubakar Malami, will face a team of interrogators at its office daily throughout December.A credible source in the EFCC said on Monday that the daily appearance was part of an ongoing investigation into the whereabouts of an alleged 490 million dollars Abacha loot secured through a Mutual Legal Assistance (MLAT) request.

The source said that Malami, who was summoned for interrogation by the EFCC on Saturday, was barred from leaving Nigeria for the next one month.According to the source, one of the conditions for his release on Saturday was that he should report daily to the EFCC Headquarters in Abuja for further interrogation.
The source said Malami would have to appear daily at the anti-graft office due to the volume of the investigation and the seriousness of the charges against him.”We seized his passport, it is the normal routine during investigation, but he has to report at the EFCC headquarters in Abuja every day for the next month.”He will be reporting for further investigation throughout December.”He will be reporting every day, starting from Dec. 1st to Dec. 31st.He will appear before the team of investigators for the entire month of December.”He will be reporting to EFCC for investigation for the period because of the volume of the investigation and the seriousness of the charges against him,” the source added.According to the source, a fact sheet on the former minister revealed that Malami had several issues to clarify with the EFCC within the coming weeks.“We have asked him to explain the whereabouts of the $490 million Abacha loot secured through MLAT.“We didn’t say he stole money, but he should account for the loot. This is one of the issues he will clarify to our investigators.”The commission cited the large volume of documents he must review and the need for extensive interviews as reasons for seizing his passport.The source said EFCC would not engage in a war of words but would release its findings after a thorough investigation.Malami, in a statement by his media aide, Mohammed Doka, on Monday in Abuja, however, described the EFCC investigation as a political witch‑hunt.He confirmed he honored an EFCC invitation on Nov. 28, describing the engagement as fruitful and expressing confidence that the probe would vindicate him.Malami described the EFCC’s allegations as baseless, illogical and devoid of substance, insisting they collapse under factual scrutiny.

Continue Reading

Advertisement

Read Our ePaper

Top Stories

NEWS12 hours ago

Military Neutralises Scores, Rescues 318 Victims as Armed Forces Intensify Nationwide Operations

ShareBy David Torough, Abuja The Armed Forces of Nigeria (AFN) says its troops recorded major breakthroughs across all theatres of...

NEWS13 hours ago

Security Expert, Jackson Ojo, Calls for Resignation of Matawalle

Share…Says He Can’t Work as Team Member with Chris Musa By Mike Odiakose, Abuja Following the resignation of Minister of...

NEWS14 hours ago

SON, MSN Partner to Ensure Mycotoxin-free Agriculture

ShareThe Mycotoxicology Society of Nigeria (MSN) in collaboration with the Standards Organization of Nigeria (SON) has moved for the detection...

NEWS16 hours ago

ShareABUMET Brings Joy to JKS Orphanage Through Annual CSR Outreach By Mike Odiakose, Abuja In line with its long-standing commitment...

NEWS17 hours ago

Senate Seeks Death Penalty for  Terrorism Convicts,  Informants, Financiers

ShareBy Eze Okechukwu, Abuja In a major legislative push to curb the worsening state of insecurity, the Senate unanimously approved...

Agriculture19 hours ago

FG Empowers 9,870 Farmers with Inputs, Modern Rice Technologies in Kano

ShareThe Federal Government, through the Kano State Special Agro-Processing Zone (SAPZ) Programme in partnership with IFAD, has empowered 9,870 rice...

Agriculture19 hours ago

FG Unveils National Agricultural Sample Survey, 2023 Report for Food Security

ShareThe Federal Government has launched the National Agricultural Sample Survey (NASS) 2023 report, towards developing data-driven policies to achieve food...

NEWS20 hours ago

Senate Proposes 2-Year Pupillage for Lawyers Newly Called to Bar

ShareBy Eze Okechukwu, Abuja The Senate has passed a bill to amend the Legal Practitioner Act, 2004 into second reading,...

view point20 hours ago

Can the Defense Minister‑Designate Gen. Musa Be Nigeria’s Last Hope for Security Renewal?

ShareBy Abba Dukawa Nigeria stands at a tipping point, where insecurity threatens the very foundations of national stability and erodes...

BUSINESS23 hours ago

CBN Scraps Cash Deposit Limits, Raises Weekly Withdrawal

ShareBy Tony Obiechina, Abuja The Central Bank of Nigeria (CBN) yesterday removed all limits on cash deposits and raised the...