We Spent N58.6bn To Print N1.06trn in 2020 – CBN

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

CBN made this known in its 2020 currency operation annual report released on Thursday.

According to the document, the apex bank said: “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 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.

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“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.”