CBN Spends N58.6 to Print 2.5b Naira Notes

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The Central Bank of Nigeria reportedly spent the sum of N58.618 billion to print 2.518 billion Naira notes, valued at 1. 063 trillion in, 2020.

This was disclosed via the bank’s 2020 Currency Report posted on its website.

It noted aq decrease in the bank’s expenditure on currency printing, which stood at N75. 523 billion, in 2019 and N64. 040 billion, in 2018.

Meanwhile, the current management of the CBN under the leadership of Mr. Godwin Emefiele, has been driving the cashless policy with a view to cutting the cost of printing bank notes and cash management, in the country.

According to the report, “The total cost incurred on printing of banknotes in 2020 amounted to N58,618.50 million, compared with N75,523.50 million in 2019, indicating a decrease of ₦16,905.00 million or 28.84 per cent.”

The report indicated that CBN, “approved an indent of 2,518.68 million pieces of banknotes of various denominations in 2020 to satisfy the currency needs of the economy, compared with 3,830.94 million in the preceding year.

“The NSPM Plc was awarded the contract for the production of the entire indent. At end-December 2020, NSPM Plc had delivered 100 per cent of the approved indent.”

“At end-December, 2020, the total issuable notes (newly printed notes and Counted Audited Clean notes) was 592.94 million pieces, compared with 726.43 million pieces in 2019, representing a decrease of 133.49 million pieces or 18.38 per cent,” the report showed.

The report stated that Currency-in-Circulation (CIC) increased by 19.06 per cent from N2.441 trillion at end December, 2019 to N2 .907 trillion at end-December 2020.