The Central Bank of Nigeria is responsible for issuance of the legal tender currency, in line with its mandate as enshrined in section 2(b) of the CBN Act 2007.
CBN approved an indent of 2,51 billion pieces of banknotes of various denominations in 2020 to satisfy the currency needs of the economy
The amount spent in 2020 for printing is a significant drop when compared with what CBN spent in 2019, 2018
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.
CONTINUE READING…
Do you have any information you wish to share with us? Do you want us to cover your event or programme? For Adverts or reports call/WhatsApp us on +2348072633727
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility…
News Update President Bola Tinubu has approved twenty-one fresh appointments across the National Agricultural Development…
News Update THE All Progressives Congress (APC) has disqualified the former deputy governor and one…
News Update THE Supreme Court on Friday struck out a suit filed by the Osun…
The UK Conservative Party has urged the NHS to drop its disciplinary action against an NHS nurse who…
News Update Sixteen members of the Rivers state house of assembly have announced their defection…