The Central Bank of Nigeria has 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 indicating 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 banknotes 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 ₦58,618.50 million, compared with ₦75,523.50 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.”
It put the total stock of currency (issuable & non-issuable) in the vaults of the bank at end December, 2020 at 2.747 billion pieces, compared with 2.641 billion pieces in 2019, indicating an increase of 105.73 million pieces or 4.00 per cent.
“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.