“We Spent N96.5billion To Print, Distribute Naira Notes In 2022” – CBN

The Central Bank of Nigeria (CBN) has revealed that expenses related to currency issuance amounted to N96.46 billion in the year 2022, according to the bank’s recently published audited financial statement for the period ending on December 31, 2022.

In its report, the CBN clarified that these currency issue expenses encompass costs incurred in the printing, processing, distribution, and disposal of currency notes. Such expenses are recognized at their actual cost upon being incurred.

The recorded figure of N96.46 billion for currency issue expenses in 2022 represents a notable increase of 32.9 percent when compared to the N72.58 billion spent by the central bank in the preceding year, 2021.

Back in October 2022, Godwin Emefiele, the then-suspended governor of the CBN, unveiled plans for a redesign of the N200, N500, and N1,000 naira bills. The public was initially given until January 31, 2023, to exchange their old notes, a deadline that was later extended to February 10.

However, the new currency notes were not sufficiently circulated. The scarcity of the new naira notes led to significant challenges for many Nigerians in carrying out various commercial transactions, including covering transportation costs. Notably, the charges imposed by point of sale (PoS) merchants also experienced a sharp increase.

In response to the situation, citizens across the country took to the streets to protest the hardships caused by the scarcity of the naira notes. Subsequently, in March 2023, the Supreme Court invalidated the naira redesign policy introduced by the central bank. The ruling dictated that the old N200, N500, and N1,000 notes would retain their status as legal tender until December 31, 2023.