x

CBN and Subsidiary Spent N74 Billion on Currency Production and Redesign in 2022

By Daniel Edu

The Central Bank of Nigeria (CBN) and its subsidiary, the Nigerian Security Printing and Minting Plc, expended a total of N74.84 billion on producing and introducing currencies, including new naira notes, in 2022. This marked a 40.42% increase compared to the N53.29 billion spent in the previous year.

Despite the currency scarcity experienced in Nigeria during the later months of 2022, the CBN’s expenses for currency production surged significantly.

The CBN’s currency issue expenses amounted to N29.65 billion in 2022, up by 94.66% from N15.23 billion in 2021. Currency issue expenses encompass costs associated with the printing, processing, distribution, and disposal of currency notes.

Furthermore, the cost of sales related to the production of currency notes and coins by the Nigerian Security Printing and Minting Plc reached N45.19 billion in 2022, marking an 18.72% increase from N38.07 billion in 2021. These costs include raw materials, employee benefits for production staff, electricity and fuel expenses, depreciation, and repairs and maintenance.

In 2022, the total amount of currency in circulation was N3.01 trillion, reflecting a 9.47% decrease from the N3.32 trillion in circulation in 2021.

The CBN’s decision to redesign naira notes and phase out certain denominations led to cash shortages that negatively impacted the Nigerian economy. This move by the CBN’s suspended Governor, Godwin Emefiele, aimed to introduce new naira notes by December 15, 2022, and discontinue some existing notes’ legal tender status by January 31, 2023.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

2025 Ballon d’Or: 3 PSG Stars Emerge as Top Contenders Ahead of Lamine Yamal, Raphinha

Paris Saint-Germain’s historic UEFA Champions League triumph has positioned...

Daniel Etim-Effiong Shares How Rejection Led Him to Marry His Wife, Toyosi

Nollywood actor Daniel Etim-Effiong has revealed that he married...

UNODC: Boko Haram Recruited 1,385 Children Between 2017 and 2019

The United Nations Office on Drugs and Crime (UNODC)...

Eid-el-Kabir: FG Declares Friday, Monday Public Holidays

The Federal Government has declared Friday, June 6, and...

JUNE 12 NASS JOINT SESSION WITH MR. PRESIDENT: AN AGENDA

BY PATRICK WEMAMBU Nigeria's 10th National Assembly comprising the Senate...

Top 10 Best-Performing Nigerian Stocks in May 2025

The Nigerian stock market saw a strong bullish run...

Ododo Tasks Officials on Grassroots Engagement, Local Patronage as Kogi Clears N98.8bn Debt

Noah Ocheni The Kogi State Executive Council has reaffirmed its...
spot_img

Related Articles

Popular Categories

spot_imgspot_img