Nigeria TV Info 

2027 Polls: CBN Targets N2.83tn Cash in Private Hands as Digital Push Intensifies

The Central Bank of Nigeria (CBN) has announced plans to mop up an estimated N2.83 trillion currently held outside the banking system, as part of its broader strategy to deepen financial inclusion and reduce cash dependence ahead of the 2027 general elections.

According to the apex bank, the initiative is embedded in the Nigeria Payments System Vision 2028, which aims to transform Nigeria into a largely digital payments-driven economy while strengthening financial stability and reducing illicit cash-based transactions.

CBN Governor Olayemi Cardoso said the policy seeks to reduce cash outside banks from about 90% of total currency in circulation to below 40% by 2028. The target is expected to bring millions of Nigerians into formal financial services and improve monetary policy effectiveness.

Using current circulation estimates, analysts say achieving the target could pull about N2.83 trillion back into the formal banking system, a move expected to improve liquidity management, boost transparency, and curb election-related cash usage concerns.

The policy comes amid heightened attention on Nigeria’s 2027 elections, where regulators have repeatedly warned about cash-driven political spending, vote-buying risks, and inflationary pressures linked to excess liquidity in the system.

CBN officials also project that financial inclusion will rise to 95%, bringing in over 50 million new users into the banking and digital payments ecosystem through expanded agent banking, fintech integration, and digital identity systems.

The bank says the reforms will rely heavily on stronger payment infrastructure, cybersecurity upgrades, interoperability between banks and fintechs, and wider adoption of real-time digital payments across the country.

However, stakeholders note that success will depend on implementation, trust in digital systems, and improved access to banking infrastructure in rural and underserved communities.