Nigeria: CBN Spent N281 Billion Printing New Notes as Latest Banknotes Begin Circulating December 15

The Central Bank of Nigeria (CBN) spent about N281.07 billion to print bank notes between 2016 and 2020 and another N3.88 billion to destroy bad notes.

The Leadership newspaper reported that CBN data revealed that N33.37 billion was used to print new notes in 2016 and the amount spent went up to N49.52 billion and N64.04 billion in 2017 and 2016.

CBN gives reasons for new notes

Towards the end of 2019, N75.52 billion had been expended on printing new notes as the amount spent went down in 2020 to N58.07 billion.

In the same five-year period, the CBN spent N3.88 billion to destroy N4.197 trillion. N1.44 billion was used in 2016 to discard mutilated notes with a value of N829.94 billion.

In 2020, N538.59 million had been expended on destroying N698.59 billion.

On Wednesday, October 26, 2022, the apex bank hand announced plans to redesign and reissue the N200, N500, and N1000 notes, which the bank said would control inflation and the money supply in Nigeria.

Godwin Emefiele, the CBN governor, stated that the current notes would cease to be legal tender from January next year.
Experts speak on redesigning naira notes as FG announces six new CBN requirements

Recall that Nigeria’s apex bank, the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS), including the Bankers Committee, will float a national card scheme to enhance the payment system in Nigeria.

Vanguard reports that the Managing Director of NIBSS, Premier Owoh, stated this during the Committee’s meeting on Thursday, October 20, 2022.

Owoh said the project has been approved and is the brainchild of CBN. He said part of the project of the apex bank is that the National Domestic Card Scheme will be designed to help accelerate acceptance and efficiency and reduce operating costs of cards in the country.