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CBN Announces 306% Rise in Cost of Printing, Distributing, Disposing Naira Notes
May 5, 2025
The CBN has released an amount it spent to print, distribute and also disposed naira notes in 2024
The CBN destroys unfit banknotes regularly under strict security and with the authorisation of Section 18(d) of the CBN Act 2007
There is a mandate given to Zenith, UBA, Wema and other commercial banks in Nigeria to make cash available
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) said it spent N315.18 billion on currency issues cost in 2024
The amount spent is a 306% increase compared to N77.67bn recorded in 2023.
The apex bank disclosed this in its 2024 financial statement document released on its website and analysed by Legit.ng.
CBN explained that currency issue expenses relate to expenses incurred in relation to the printing, processing, distribution and disposal of currency notes.
CBN currency mandate
Naira notes and coins are printed/minted by the Nigeria Security Printing and Minting (NSPM) Plc and, sometimes, other overseas companies and issued by the CBN.
The CBN is mandated by law to ensure the quality, control and receipt of finished naira banknotes and coins.
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