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

The Central Bank of Nigeria used N58.618 billion to print 2.518 billion Naira notes with a full value of N1.063 trillion in 2020.

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

It showed a drop in the bank’s cost on currency printing, which was N75. 523 billion in 2019 compared to N64. 040 billion in 2018.

The present CBN management, led by Mr. Godwin Emefiele, has been pursuing the cashless policy in order to reduce the cost of generating bank notes and managing currency in the nation. In accordance with the policy, the new e-Naira was also launched.

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.

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