CBN Spends N58.6 Billion To Print 2.5 Billion Pieces Of Naira Notes

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CBN Spends N58.6 Billion To Print 2.5 Billion Pieces Of Naira Notes

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

This was contained in the bank’s 2020 Currency Report posted on its website.

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

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. The new e-Naira was also initiated in line with the policy.

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.”

CBN indicated in the report that the notes were printed in-country by the Nigerian Security Printing and Minting Plc (NSPM Plc).

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.”