The Central Bank of Nigeria has disclosed it spent the sum of N58.6 billion to print 2.52 billion Naira notes valued at N1.1 trillion in 2020.
Disclosing this on Thursday in its Annual Currency Operations report for 2020, the apex bank also said it utilized $1.83 billion within the same year to fund Bureaux De Changes (BDCs) and Ministries, Agencies and Departments (MDAs) operations.
The currency printing cost, however, indicated a significant decrease Year-on-Year as it spent N75.5 billion and N64.04 billion in 2019 and 2018 respectively for the same purpose.
The Godwin Emefiele, leadership 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.
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.”
The report also indicated that a total of $1.830 billion was procured over the course of 2020.
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