Nigerias march toward a fully cashless economy gathered further momentum in July 2025 as the value of electronic transactions surged to ?384 trillion, according to new figures released by the Central Bank of Nigeria CBN. The latest figure represents a sharp increase from ?280 trillion recorded in August 2024, underscoring growing public confidence in digital payment channels and the rapid evolution of the countrys financial system.
The CBN Governor, Olayemi Cardoso, disclosed the figures during the opening ceremony of the 2025 Nigeria Fintech Week in Lagos. Represented by Opemi Yusuf, Director of Payment System Supervision at the apex bank, Cardoso said transaction volumes also rose within the period, reaching 4.12 billion in July 2025, compared to 3.9 billion a year earlier.
Over the last year, we have seen strong adoption of digital channels with total electronic payments reaching over 3.9 billion transactions valued at ?280 trillion in August 2024 compared to the growth of 4.12 billion transactions valued at ?384 trillion by July 2025, he said.
