Currency in circulation outside of depository corporations in Nigeria
Nigeria: Currency in circulation outside of depository corporations was 3.43 trillion Domestic currency in 2023. ◆ Volatile
Latest (2023)
3.43 trillion Domestic currency
Change on year
up 33.7%
World rank
22nd
of 145 countries
All-time high
3.43 trillion Domestic currency
in 2023
All-time low
338.67 billion Domestic currency
in 2001
Years of data
23
2001–2023
Currency in circulation outside of depository corporations in Nigeria, 2001–2023
Source: International Monetary Fund. Measured in Domestic currency.
Analysis
Nigeria recorded 3.43 trillion Domestic currency for currency in circulation outside of depository corporations in 2023. That is the highest value across all 23 years on record.
Compared with earlier readings it is up 33.7% on the previous year and up 137.2% over ten years.
Over the whole period, currency in circulation outside of depository corporations in Nigeria peaked at 3.43 trillion Domestic currency in 2023 and was at its lowest, 338.67 billion Domestic currency, in 2001.
That places Nigeria 22nd out of 145 countries with data for 2023, putting it in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Currency in circulation outside of depository corporations in Nigeria, year by year
| Year | Domestic currency | Change |
|---|---|---|
| 2001 | 338.67 billion Domestic currency | — |
| 2002 | 386.94 billion Domestic currency | +14.3% |
| 2003 | 412.15 billion Domestic currency | +6.5% |
| 2004 | 458.59 billion Domestic currency | +11.3% |
| 2005 | 563.22 billion Domestic currency | +22.8% |
| 2006 | 690.84 billion Domestic currency | +22.7% |
| 2007 | 732.95 billion Domestic currency | +6.1% |
| 2008 | 892.91 billion Domestic currency | +21.8% |
| 2009 | 927.24 billion Domestic currency | +3.8% |
| 2010 | 1.08 trillion Domestic currency | +16.7% |
| 2011 | 1.25 trillion Domestic currency | +15.0% |
| 2012 | 1.30 trillion Domestic currency | +4.5% |
| 2013 | 1.45 trillion Domestic currency | +11.2% |
| 2014 | 1.37 trillion Domestic currency | -5.5% |
| 2015 | 1.46 trillion Domestic currency | +6.6% |
| 2016 | 1.82 trillion Domestic currency | +25.0% |
| 2017 | 1.78 trillion Domestic currency | -2.2% |
| 2018 | 1.91 trillion Domestic currency | +7.0% |
| 2019 | 2.02 trillion Domestic currency | +6.0% |
| 2020 | 2.50 trillion Domestic currency | +23.4% |
| 2021 | 2.94 trillion Domestic currency | +17.7% |
| 2022 | 2.57 trillion Domestic currency | -12.6% |
| 2023 | 3.43 trillion Domestic currency | +33.7% |
Nigeria compared with similar countries
- Nigeria's 3.43 trillion Domestic currency is above the median for lower middle income countries, which is 120.94 billion Domestic currency, 28.4× the median. (41 countries reporting)
- Nigeria's 3.43 trillion Domestic currency is above the median for Sub-Saharan Africa, which is 355.54 billion Domestic currency, 9.7× the median. (46 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 600.39 billion Domestic currency | 338.67 billion Domestic currency | 927.24 billion Domestic currency | 9 |
| 2010s | 1.54 trillion Domestic currency | 1.08 trillion Domestic currency | 2.02 trillion Domestic currency | 10 |
| 2020s | 2.86 trillion Domestic currency | 2.50 trillion Domestic currency | 3.43 trillion Domestic currency | 4 |
Countries ranked near Nigeria
- 19 Côte d'Ivoire 6.14 trillion Domestic currency compare
- 20 Madagascar 5.59 trillion Domestic currency compare
- 21 Kazakhstan 4.37 trillion Domestic currency compare
- 23 Senegal 3.37 trillion Domestic currency compare
- 24 Mexico 3.26 trillion Domestic currency compare
- 25 Congo, Democratic Republic of the 2.79 trillion Domestic currency compare
More financial sector data for Nigeria
- Reserve position in the IMF, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0008 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 1.01 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 0 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0006 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 0.7387 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0008 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 1.01 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 0 % change on previous year (2025)
Frequently asked questions
- What is currency in circulation outside of depository corporations in Nigeria?
- Currency in circulation outside of depository corporations in Nigeria was 3.43 trillion Domestic currency in 2023, according to International Monetary Fund.
- What is the highest currency in circulation outside of depository corporations recorded in Nigeria?
- The highest recorded value was 3.43 trillion Domestic currency in 2023.
- What is the lowest currency in circulation outside of depository corporations recorded in Nigeria?
- The lowest recorded value was 338.67 billion Domestic currency in 2001.
- How does Nigeria rank for currency in circulation outside of depository corporations?
- Nigeria ranks 22nd out of 145 countries with data for 2023.
- Is currency in circulation outside of depository corporations rising or falling in Nigeria?
- Over the last ten years it is up 137.2%. The long-run trend across the full record is volatile.
- Where does this Nigeria data come from?
- The figures come from International Monetary Fund, published as part of Currency in circulation outside of depository corporations (Domestic currency). Statizoid updates them automatically from the source API.
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About this data
Monetary and Financial Statistics (MFS), Monetary Aggregates 2026 April