We spent N58.6bn to print N1.06trn in 2020, CBN reveals

The Central Bank of Nigeria (CBN) has stated that it spent N58.618 billion to print 2.518 billion of naira notes, valued at N1.06 trillion in 2020.

This was disclosed by the apex bank in its 2020 currency operation annual report released on Thursday.

The report shows a decrease in the bank’s expenditure on currency printing, which stood at N75.5 billion, in 2019 and N64.0 billion, in 2018.

“The total cost incurred on printing 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,” the document reads.

“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 currency indent approved for 2020 was 2,518 billion pieces of banknotes, consisting of various denominations with a value of N1.06 trillion compared with 3,830 billion pieces valued at N1.340 trillion in 2019.”

“This indicates a decrease of 34.25 percent and 20.71 percent in terms of volume and value, respectively.”

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, according to the report, represented an increase of 105.73 million pieces or 4 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.

The report also indicated that a total of $1.830 billion was procured as forex throughout 2020.

“This value represents a decrease of USD2,120.00 million or 53.67 per cent relative to the USD3,950.00 million procured in 2019,” the CBN said.

“This was used to fund Bureaux De Change (BDC) operations, payment of estacode and Personal Travel Allowances (PTA) to Ministries, Departments and Agencies (MDAs).”