Central Bank of Nigeria has disclose that total sum of N58.618 billion was spend to print 2.518 billion Naira notes.
The printed Naira notes valued at 1. 063 trillion and was printed in 2020.
The development was disclosed by the Apex bank in a bank’s 2020 Currency Report published on its website.
It indicated a decrease in the bank’s expenditure on currency printing, which stood at N75. 523 billion, in 2019 and N64. 040 billion, in 2018.
The current management of the CBN under the leadership of Mr. Godwin Emefiele, has been driving the cashless policy with a view to cutting the cost of printing bank notes and cash management, in the country. The new e-Naira was also initiated in line with the policy.
According to the report, “The total cost incurred on printing of banknotes in 2020 amounted to N58,618.50 million, compared with N75,523.50 million in 2019, indicating a decrease of ₦16,905.00 million or 28.84 per cent.”
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