How CBN spent ₦58.6bn to print 2.5bn Naira notes in 2020 – CBN Report  

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CBN spent N58.6 billion printing 2.5 billion Naira notes in 2020

 

The Central Bank of Nigeria (CBN) spent N58.618 billion to print 2.518 billion Naira notes last year.

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This was revealed in the top bank’s 2020 Currency Report, which was published on its website on Thursday.

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According to the report, the number was lower than the N75.5 billion and N64.0 billion spent on currency printing by the CBN in 2019 and 2018, respectively.

“The total cost of printing banknotes in 2020 was N58.6 billion, compared to N75.5 billion in 2019,” it stated. This was a 28.84 percent drop in N16.9 billion.”

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The notes were also printed in Nigeria by the Nigerian Security Printing and Minting Plc, according to the CBN (NSPM Plc).

“In 2020, the CBN approved 2.518 billion pieces of banknotes in various denominations to meet the economy’s currency needs, down from 3.830 billion the previous year.

 

“The contract for the manufacturing of the complete indent was granted to NSPM Plc. NSPM Plc had delivered 100% of the permitted indent by the end of December 2020.”

The central bank also estimated the total stock of currency (issuable and non-issuable) in its vaults at 2.747 billion pieces at the end of December 2020, up from 2.641 billion pieces in 2019.

This represented a 4.0 percent growth of 105.73 million pieces.

“At the end of December 2020, the total issuable notes (newly printed notes and Counted Audited Clean notes) were 592.94 million pieces, down from 726.43 million pieces in 2019, representing an 18.38 percent decrease,” according to the study.

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