CBN announces it spent N58.61billion to print 2.518 billion naira notes in 2020

The Central Bank of Nigeria (CBN) has revealed how it spent N58.618 billion to print 2.518 billion Naira notes in 2020 worth N1.06 trillion.

CBN noted this in its 2020 Currency Report obtained from its website.

According to the report, the amount spent on printing was in fact lower than the N75.5 billion and N64.0 billion spent for the printing of currency in 2019 and 2018 respectively.

CBN report reads: “The total cost incurred on printing of banknotes in 2020 amounted to N58.6 billion compared with N75.5 billion in 2019. This indicated a decrease of N16.9 billion or 28.84 percent.”

CBN also revealed that the notes were printed in the country by the Nigerian Security Printing and Minting Plc (NSPM Plc). “The CBN approved 2.518 billion pieces of banknotes of various denominations in 2020 to satisfy the currency needs of the economy compared with 3.830 billion in the preceding year.

“The NSPM Plc was awarded the contract for the production of the entire indent. At end of December 2020, NSPM Plc had delivered 100 percent of the approved indent.” The apex bank also put the total stock of currency (issuable & non-issuable) in its vaults at the end of December 2020 at 2.747 billion pieces compared to 2.641 billion pieces in 2019.

This indicated an increase of 105.73 million pieces or 4.0 percent. “At end of December 2020, the total issuable notes (newly printed notes and Counted Audited Clean notes) was 592.94 million pieces compared with 726.43 million pieces in 2019, representing a decrease of 133.49 million pieces or 18.38 percent,” the report added.