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CBNUses N58.61billion to print N2.518 billion Naira notes (READ FULL DETAILS)

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The Central Bank of Nigeria (CBN) has revealed how it spent N58.618 billion to print 2.518 billion Naira notes in 2020 worth N1.06 trillion. CBN noted this in its 2020 bulletin.

 

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.

 

The total cost incurred on printing of banknotes in 2020 amounted to N58.6 billion compared with N75.5 billion in 2019.

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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.

READ ALSO:  The Central Bank of Nigeria (CBN) Uses N58.61billion to print N2.518 billion Naira notes (READ FULL DETAILS)

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 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.

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.

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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.

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Written by Ruth Semilore

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