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CBN Speaks On Amount Used For Printing New Naira Notes, Cost of Disposing Bad Notes


CBN Speaks On Amount Used For Printing New Naira Notes, Cost of Disposing Bad Notes

The Central Bank of Nigeria (CBN) has provided a detailed breakdown of its financial performance and expenses for the 12-month period in 2022. Notably, an expenditure of over N29 billion was allocated to the printing and disposal of Nigerian currency notes. This sum covers the meticulous process of creating, processing, distributing, and retiring currency notes throughout the year.

The CBN, in accordance with Section 18(d) of the CBN Act 2007, is authorized to undertake the secure destruction of unfit banknotes on a regular basis. This process ensures the integrity of the currency in circulation and adheres to stringent security protocols.

The financial statement released by the CBN on its official website unveiled that a total of N29.64 billion was expended on activities related to currency notes in 2022. This figure represents a significant increase compared to the N15.23 billion allocated to the same operations in the previous year.

The Nigeria Security Printing and Minting (NSPM) Plc, along with occasional collaborations with international firms, is responsible for the printing and minting of Naira notes and coins. The CBN maintains legal responsibility for quality assurance and the receipt of finished currency materials.

The CBN’s annual report further divulged a breakdown of expenses related to printing new Naira notes over the years:

2016: N33.37 billion
2017: N49.52 billion
2018: N64.04 billion
2019: N75.52 billion
2020: N58.62 billion

Additionally, costs incurred for disposing of unsuitable notes were also provided:

2016: N1.43 billion
2017: N594.62 million
2018: N662.21 million
2019: N647.82 million
2020: N538.59 million

It’s worth noting that figures for the year 2021 have not been made available, and the statistics for 2022 are pending release.

Moreover, an intriguing report introduces Folashodun Adebisi Shonubi as the new acting Governor of the CBN. Shonubi’s professional journey is detailed, including his selection for the role by President Tinubu among four deputy governors: Aisha Ahmed, Edward Adamu, and Kingsley Obiora. According to legal stipulations, one of the deputy governors is required to complete the tenure initiated by Emefiele, which was originally set to conclude in May 2024

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