N96.46bn Spent to Print, Distribute Naira Notes — CBN

The Central Bank of Nigeria (CBN) says it spent 96.46 billion naira in printing and distributing new naira banknotes by 2022.

Daily Report Nigeria reports that the CBN made the disclosure in its recently published audited financials for December 31, 2022.

In the report, the CBN said: “Currency issue expenses relate to expenses incurred in relation to the printing, processing, distribution, and disposal of currency notes. This is recognised at cost when incurred.”

Recall that in October 2022, the suspended Governor of the apex bank, Godwin Emefiele announced plans to redesign the N200, N500, and N1,000 naira notes.

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Emefiele also set January 31, 2023, as the deadline for Nigerians to hand over all their old naira notes to their respective banks.

Thereafter, the apex bank extended the deadline to February 10.

During the issuing of new notes, very few new notes were released- a situation that led people across the country to take to the streets to protest against lack of naira.

However, in March 2023, the Supreme Court overturned the central bank’s policy of redesigning the naira, ruling that the old N200, N500, and N1,000 banknotes would remain legally valid until December 31, 2023.