Do you know that the Central Bank of Nigeria (CBN) spent about ₦74.84 billion to print the redesigned new Naira notes.
Reports have emerged that the CBN spent 40.42% more than what it normally spends in rolling out currency in 2022.
Data obtained shows that in 2021, the apex bank spent ₦53.29 billion to rollout currencies.
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But spent more while trying to redesign the naira.
Godwin Emefiele, who was then the CBN Governor, had introduced a cashless policy while redesigning the local currency.
During this period the CBN had ordered Nigerians to deposit their cash in the banks.
Plunging the masses into a harsh situation of hunger because they were unable to gain access cash for survival.
CBN Financial Statement
The CBN, according to a recently released financial statements, spent ₦29.65 billion on currency issue expenses in 2022.
This is a 94.66% increase from the ₦15.23 billion it spent in 2021.
Defining currency issue expenses, the bank said,
“Currency issue expenses relates to expenses incurred in relation to the printing, processing, distribution, and disposal of currency notes.
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This is recognised at cost when incurred.”
A subsidiary of CBN, the Nigerian Security Printing and Minting Plc, in this case, spent ₦45.19 billion to produce the currency in 2022.
According to the financial statement the ₦45.19 billion spent in 2022 is an 18.72% increase from the ₦38.07 billion it was in 2021.
It added, “They include cost of raw materials, employee benefit, expenses relating to production staff, electricity and diesel expenses, depreciation and repairs and maintenance.”
In 2022, the total amount in circulation was ₦3.01 trillion, a 9.47% decline from the ₦3.32 trillion that was in circulation in 2021.
In 2020, the total cost incurred on printing of bank notes was ₦58.62 billion.
Showing a 28.83% decrease from the ₦75.52 billion that was recorded in 2019 according to the bank’s ‘2020 Currency Report.’
Emefiele had announced In October 2022, that the bank would release re-designed naira notes by December 15, 2022.