By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has revealed in its latest data that the total currency in circulation in March 2025 stood at N5.00 trillion, of which about N4.6 trillion is outside the banking system, indicating that 91.9 per cent of all cash in the economy are not in the bank.

Business Post reports that in the same period of last year, the value of cash held outside the banks was N3.63 trillion from the N3.87 trillion in circulation.

Nigerians have continued to keep cash outside the banking system because of the harrowing experience of December 2022 and early 2023 due to the Naira redesigned policy of the CBN.

The policy caused cash crunch, triggering a series of violent protests across the country. It was believed that the central bank, under the then governor, Mr Godwin Emefiele, was to frustrate the president ambition of President Bola Tinubu.

The apex bank had said in a bid to help the government tackle insecurity in Nigeria, it was changing the outlook if the N200, N500, and N1,000 bank notes.

The idea was to phase out the old notes but this was frustrated as the state governors challenged this and got a judgement from the Supreme Court against the policy. Both the old and new bank notes are currently in use.

In the same report, the central bank also disclosed that the broad money supply in Nigeria increased by 24 per cent on a year-to-year basis to N114.2 trillion in March 2025 from the N92.19 trillion in March 2024, and on a month-on-month basis, it went up by 3.2 per cent from N110.71 trillion in February 2025.

The hike in money supply occurred despite the central bank raising the Cash Reserve Ratio (CRR) to 50 per cent at its last Monetary Policy Committee (MPC) meeting, with the benchmark interest rate at 27.50 per cent.

The National Bureau of Statistics (NBS) last Tuesday revealed that inflation rate for March 2025 surged to 24.23 per cent from 23.18 per cent in February 2025.

Back to the money supply hike, it was mainly influenced by a sharp 38.9 per cent rise in net foreign assets to N45.17 trillion, while the net domestic assets went down by 11.7 per cent to N69.05 trillion due to tighter liquidity within the domestic financial system.

By Aduragbemi Omiyale

Six brand new motorcycles and cash prizes have been won by customers of Union Bank of Nigeria in the third monthly draw of the ongoing Save and Win Palli Promo 4.

The nationwide campaign was designed to reward both new and existing customers of the financial institution with cash prizes and other exciting gifts worth N131 million.

This initiative aims to support them in achieving their savings goals while getting rewarded at the same time.

To stand a chance to win, customers can continue to top up their savings in multiples of N10,000 or more and perform a minimum of five transactions a month to increase their chances of winning in the draws. This promo is open to new and existing savings and current account holders.

Prospective customers can download the UnionMobile app on their smartphones to open accounts or walk into any Union Bank branch.

Returning customers can call the 24-hour Contact Centre on 07007007000 or visit any Union Bank branch nationwide to reactivate dormant accounts.

At the recent hybrid draw, six lucky customers each won the brand new motorcycle, and 120 additional winners won cash prizes.

The live draws were transparently conducted at the lender’s Sabo, Yaba Branch in Lagos under the supervision of relevant regulatory institutions.

For integrity purposes, some of the winners were contacted to congratulate and remind them that the bank will never call to request or confirm their confidential banking details such as BVN, date of birth, pins, or passwords.

By Aduragbemi Omiyale

The Payment Service Bank (PSB) of Airtel Nigeria, Smartcash, has enabled an easier system that allows customers to upgrade their wallets from Tier 1 to Tier 3 for a smooth, cashless, and stress-free holiday experience.

Upgrading from Tier 1 wallet provides higher transaction limits and access to more features and benefits as well as security.

The Smartcash PSB provides a reliable, cashless alternative that meets the financial needs of users wherever they are, including sending money to loved ones, paying at local markets and stores, or topping up airtime and data.

The Smartcash app now enables instant verification with customers’ NIN or BVN, secure facial recognition with a selfie, and simplified address confirmation.

“As the Easter season approaches, we recognize the financial pressure and logistical challenges that often come with holiday spending and mobility. That’s why we’re committed to ensuring that our users can carry out essential transactions from bank transfers to merchant payments quickly, safely, and conveniently.

“Our goal is to eliminate the stress of cash handling, long queues, and bank branch visits, so that Nigerians can truly focus on the spirit of the season connection, community, and celebration,” the chief executive of Smartcash PSB, Mr Tunde Kuponiyi, said.

Airtel Smartcash PSB, which launched as part of Airtel’s commitment to deepen financial inclusion, has rapidly expanded its network of agents and digital wallet users, bridging access between underserved communities and the financial system.

With services available through mobile phones and human agents across Nigeria, Smartcash offers a simple and accessible entry point into the digital economy particularly for small-scale traders, artisans, rural dwellers, and other players in the informal sector.