LAGOS, Mar 6 – The Central Bank of Nigeria withdrew ₦13.41 trillion ($9.7 million) from Nigeria’s financial system in January, almost five times the 2.77 trillion naira absorbed in the same month last year, according to data from the Financial Markets Dealers Association (FMDA).
The figures were published in the association’s Monetary and Credit Statistics for January 2026.
Money supply indicators also declined during the period with Broad money (M3) falling 0.8 percent month-on-month to 123.36 trillion naira in January from 124.41 trillion naira in December 2025. Narrow money, known as M2 which represent liquid, spendable funds, also dropped to 123.35 trillion naira.
Private sector credit fell 0.8 percent to 75.24 trillion naira from 75.83 trillion naira in December while bank reserves also fell, dropping 5.5 percent to 30.26 trillion naira from 32.04 trillion naira.
The banking system recorded mixed movements across its asset components. Net foreign assets declined 6 percent to 29.61 trillion naira from 31.51 trillion naira in December. Net domestic assets, however, rose 0.9 percent to 93.76 trillion naira from 92.90 trillion naira.
Over a six month period, net foreign assets declined sharply. The figure fell from 41.66 trillion naira in September 2025 to 29.61 trillion naira in January. During the same period, net domestic assets increased from 76.12 trillion naira to 93.76 trillion naira.
Currency outside banks also declined. The amount fell 3.7 percent to 5.21 trillion naira from 5.41 trillion naira, while total currency in circulation remained largely steady at 5.73 trillion naira.
