CBN SPENDS N58.6BN TO PRINT N2.5BN NAIRA NOTES

The Central Bank of Nigeria (CBN) spent the sum of N58.618billion to print 2.518billion Naira notes, valued at N1.063trillion in 2020.

This was contained in the bank's 2020 Currency Report posted on its website, yesterday.

It indicated a decrease in the bank's expenditure on currency printing, which stood at N75.523billion in 2019 and N64.040billion in 2018.

The current management of the CBN under the leadership of Mr. Godwin Emefiele, has been driving the cashless policy with a view to calling the cost of printing bank notes and cash management, in the country.

The new e-Natra was also initiated in line with the policy.

According to the report, "The total cost incurred on printing of banknotes in 2020 amounted to N58,618.50million, compared with N75,52350million in 2019, indicating a decrease of 116,905.00million or 28.84 per cent

CBN indicated in the report that the notes were printed in-country by the Nigerian Security Printing and Mining Plc (NSPM PLC).

The report indicated that CBN, "approved an indent of 2,518.68million pieces of banknotes of various denominations in 2020 to satisfy the currency needs of the economy, compared with 3,830.94 million in the preceding year.

"The NSPM Plc was awarded the contract for the production of the entire indent. At end-December, 2020, NSRM Ple had delivered 100 percent of the approved indent."

It put the total stock of currency (issuable & non-issuable in the vaults of the bank at end December, 2020 at 2.747billion pieces, compared with 2.641billion pieces in 2019, indicating an increase of 105.7.3million pieces or 4.00per cent.

"At end December, 2020, the total issuable notes (newly printed notes and Counted Auditied Clean notes) was 592.94million pieces, compared with 726.43million pieces in 2019, representing a decrease of 133,49 million pieces or 18.38 per cent," the report showed.

The report also indicated that a total of $1.830billion was procured over the course of 2020.

According to the report, "This value represents a decrease of $2,120.00million or 53.67 per cent relative to the $3,950.00milion procured in 2019.