{"id":102967,"date":"2021-11-05T10:00:51","date_gmt":"2021-11-05T09:00:51","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=102967"},"modified":"2021-11-05T10:00:51","modified_gmt":"2021-11-05T09:00:51","slug":"we-spent-n58-6bn-to-print-n1-06trn-in-2020-cbn-reveals","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/11\/05\/we-spent-n58-6bn-to-print-n1-06trn-in-2020-cbn-reveals\/","title":{"rendered":"We spent N58.6bn to print N1.06trn in 2020, CBN reveals"},"content":{"rendered":"<p>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.<\/p>\n<p>This was disclosed by the apex bank in its<span data-preserver-spaces=\"true\">\u00a02020 currency operation annual report released on Thursday.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The report shows a decrease in the bank\u2019s expenditure on <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/08\/03\/cbn-to-customers-we-wont-tamper-with-foreign-currency-in-your-dom-account\/\">currency<\/a> printing, which stood at N75.5 billion, in 2019 and N64.0 billion, in 2018.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe 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,\u201d the document reads.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe 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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe 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.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis indicates a decrease of 34.25 percent and 20.71 percent in terms of volume and value, respectively.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The apex bank also put the total stock of currency (issuable &amp; non-issuable) in its vaults at the end of December 2020 at 2.747 billion pieces compared to 2.641 billion pieces in 2019.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This, according to the report, represented an increase of 105.73 million pieces or 4 percent.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cAt 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,\u201d the report added.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The report also indicated that a total of $1.830 billion was procured as forex throughout 2020.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis value represents a decrease of USD2,120.00 million or 53.67 per cent relative to the USD3,950.00 million procured in 2019,\u201d the CBN said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis was used to fund Bureaux De Change (BDC) operations, payment of estacode and Personal Travel Allowances (PTA) to Ministries, Departments and Agencies (MDAs).\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u00a02020 currency operation annual report released on Thursday. The report shows a decrease in the bank\u2019s expenditure on currency printing, which [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":102969,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[658,10919,21619,21620],"class_list":["post-102967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cbn","tag-currency-printing","tag-n58-618-billion","tag-nspm-plc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>We spent N58.6bn to print N1.06trn in 2020, CBN reveals<\/title>\n<meta name=\"description\" content=\"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.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/11\/05\/we-spent-n58-6bn-to-print-n1-06trn-in-2020-cbn-reveals\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We spent N58.6bn to print N1.06trn in 2020, CBN reveals\" \/>\n<meta property=\"og:description\" content=\"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. 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