CBN spends N231.2 billion to print banknotes in 6-year, up by 105%.
The Central Bank of Nigeria (CBN) spent a cumulative sum of N231.2 billion to print banknotes in the last 6 years (2013 – 2018). This was disclosed in the 2018 annual report released by the Central Bank’s Currency Operations Department.
According to the CBN report, between 2013 and 2018, the total cost incurred on printing banknotes increased by 105%. Specifically, the sum of N31.1 billion was spent in 2014 to print banknotes while it rose to N49.5 billion in 2018.
Other constraints were rising incidences of counterfeiting of the higher denomination banknotes; public apathy in the usage of coins; disposal of banknotes waste in an eco-unfriendly manner, and banknotes inter-leafing and other shortages discovered in the deposits of DMBs and Bankers Warehouse.
Meanwhile, the CBN stated that to address challenges, it would sustain efforts to conduct operational research and benchmark best practices to improve Currency Operations Management.
It also stated that the currency department would continue collaboration with security agencies to mitigate the sale of newly minted Naira banknotes, through sting operations and other activities.