The Central Bank of Nigeria announces it spent N58.61billion to print 2.518 billion Naira notes in 2020

The Central Bank of Nigeria announces it spent N58.61billion to print 2.518 billion Naira notes in 2020

  • 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.

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.

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Nigerian banks warn customers keeping old 50, 20 British pounds notes to present it before December 31

The Central Bank of Nigeria announces it spent N58.61billion to print 2.518 billion Naira notes in 2020
Nigerian naira banknotes or bills Credit: tampatra
Source: Getty Images

It said:

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“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.

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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.

Nigerian banks warn customers keeping old 50, 20 British pounds note

Nigerian banks have instructed customers or anyone with old £20 and £50 notes to spend it before December 31, 2021.

In March 2021, Governor of Bank of England, Andrew Bailey unveils the design of the new £50 banknote featuring scientist Alan Turing.

Alan Turing is best known for his codebreaking work at Bletchley Park, which helped end the Second World War.

Source: Legit

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