In 7 Years, CBN has Destroyed N6 Trillion Banknotes With N3.88 Billion
- Under Buhari’s seven years government, the Central Bank of Nigeria has destroyed N6 trillion in banknotes
- From 2016 to 2020, the apex bank destroyed mutilated notes worth about N4.1 trillion
- The Central Bank is also expected to destroy 80 per cent more of the banknotes before the release of new ones
In the last seven years of President Muhammadu Buhari’s administration, the Central Bank of Nigeria (CBN) has destroyed about N6 trillion worth of banknotes.
According to data gathered from the annual reports of the CBN’s operations department between 2016 and 2020, the bank destroyed mutilated worth N4.1 trillion during the five years of Buhari’s government.
Source: Getty Images
CBN to destroy 80 per cent in naira notes before December
There are no available data on the number of destroyed notes for 2021 and 2021.
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The Punch reported that the CBN is expected to destroy 80 per cent of N3.23 trillion banknotes currently in circulation due to its decision to redesign banknotes.
The action will bring the number of naira notes destroyed by Buhari’s government to at least N6 trillion.
Investigation reveals that the destruction of N4.1 trillion in bad notes gulped about N3.88 billion between 2016 and 2020.
CBN prints banknotes with N281.07 billion
However, the CBN has spent about N281.07 billion to bring out banknotes between 2016 and 2020 and another N3.88 billion to destroy bad notes. The Leadership newspaper reported that CBN data revealed that N33.37 billion was used to print new notes in 2016 and the amount spent went up to N49.52 billion and N64.04 billion in 2017 and 2016.
The Leadership newspaper reported that CBN data revealed that N33.37 billion was used to print new notes in 2016 and the amount spent went up to N49.52 billion and N64.04 billion in 2017 and 2016.
Towards the end of 2019, N75.52 billion had been expended on printing new notes as the amount spent went down in 2020 to N58.07 billion.
CBN has not abandoned introduction of N5,000 note, Says Sanusi
Recall that Legit.ng reported that the erstwhile Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has stated that the apex bank has not scrapped the plans to introduce the N5000 note.
The N5000 note was proposed in 2012 by the Sanusi-led CBN but was resisted by Nigerians mostly on the premise that it would exacerbate inflation.
Sanusi had also said the proposed new naira notes coming out between December and January will still carry the Arabic inscriptions.
Source: Legit.ng
