CBN Provides Cost Breakdown of Printing New Naira Notes, Throwing Away Old Ones in 2022

• The CBN has provided a breakdown of its financial performance and expenses undertaken during the 12 months of 2022
• Part of the expenses recorded is the over N29 billion spent on printing naira notes and disposing of the bad ones
• The CBN destroys unfit banknotes regularly under strict security and with the authorisation of Section 18(d) of the CBN Act 2007

The Central Bank of Nigeria(CBN) has revealed that it spent N29.64 billion on the printing, processing, distributing, and disposing of currency notes in 2022.

The amount exceeds the N15.23 billion spent on the same activities the previous year.

The apex bank disclosed this in its financial statement document released on its website and analysed by Legit.ng.

CBN currency mandate

Naira notes and coins are printed/minted by the Nigeria Security Printing and Minting (NSPM) Plc and, sometimes, other overseas companies and issued by the CBN.

Read also

Naira getting close to N1,000 per dollar as CBN explains reason For the fall

The CBN is mandated by law to ensure the quality, control and receipt of finished naira banknotes and coins.

Also, Section 18(d) of the CBN Act 2007 authorises the CBN to regularly, under strict security, destroy currency notes and coins withdrawn from circulation deemed unfit.

Breakdown of how much CBN spends on printing new notes and disposing old ones

In its annual report published earlier, the CBN provided a breakdown of the cost of printing new naira notes.

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

Cost of disposing bad notes

2016: N1.43 billion

2017: N594.62 million

2018: N662.21 million

2019: N647.82 million

2020: N538.59 million

Read also

CBN declares highest profit in 5 years as naira exchange rate gets closer to N1000 per dollar

Figures for 2021 were not provided, while the figure for 2022 is yet to be released.

Folashodun Adebisi Shonubi emerges new acting CBN governor

In another report, Legit.ng profiled the new acting CBN governor, Folashodun Adebisi Shonubi, and his career journey.

Shonubi was considered for the role by President Tinubu among four deputy governors: Aisha Ahmed, Edward Adamu, and Kingsley Obiora.

By law, one of the deputies must complete Emefiele’s tenure, which was expected to expire on May 2024.

Source: Legit.ng