The financial institution of African country (CBN) has disclosed however it spent N58.618 billion to print 2.518 billion Nigerian monetary unit notes in 2020. CBN noted this in its 2020 Currency Report obtained from its web site.

According to the report, the quantity spent on printing was indeed less than the N75.5 billion and N64.0 billion spent for the printing of currency in 2019 and 2018 severally.

It said: “The total value incurred on printing of 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.” CBN additionally disclosed that the notes were written within the country by the Nigerian Security Printing and Minting Plc (NSPM Plc).

“The CBN approved 2.518 billion items of banknotes of varied denominations in 2020 to satisfy the currency wants of the economy compared with 3.830 billion within the preceding year. “The NSPM Plc was awarded the contract for the assembly of the complete indent. At finish of Gregorian calendar month 2020, NSPM Plc had delivered 100% of the approved indent.” The apex bank additionally place the whole stock of currency (issuable & non-issuable) in its vaults at the top of Gregorian calendar month 2020 at 2.747 billion items compared to 2.641 billion items in 2019.

This indicated a rise of 105.73 million items or 4.0 percent.

“At finish of Gregorian calendar month 2020, the whole issuable notes (newly written notes and Counted Audited Clean notes) was 592.94 million items compared with 726.43 million items in 2019, representing a decrease of 133.49 million items or 18.38 percent,” the report adscititious. Nigerian banks warn customers keeping previous 50, 20 British pounds note Nigerian banks have educated customers or anyone with previous £20 and £50 notes to pay it before December 31, 2021. In March 2021, Governor of Bank of European country, St. Andrew Bailey unveils the look of the new £50 paper currency that includes somebody Alan Turing. Alan Turing is best identified for his codebreaking work on Bletchley Park, that helped finish the Second world war.

Emmanuel Ajao

By Ajao

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