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NEWS

CBN Reveals How Much it Spent to Print, Distribute Naira Notes In 2022

August 23, 2023 • 1 min read

The Central Bank of Nigeria (CBN) has said it spent N96.46 billion to print and distribute new naira notes in 2022.

The apex bank made this known in its recently released audited financial statement for the year ended December 31, 2022.

In the report, the CBN said: “Currency issue expenses relate to expenses incurred in relation to the printing, processing, distribution, and disposal of currency notes. This is recognised at cost when incurred.”

In October 2022, the suspended CBN governor, Godwin Emefiele, announced plans to redesign the N200, N500, and N1,000 naira bills and gave a deadline of January 31, 2023 to Nigerians to hand in all their old notes.

However, the apex bank extended the deadline to February 10.

Not enough of the new notes were released.

The situation prompted citizens across the country to take to the streets to protest the hardship caused by the naira scarcity.

But in March 2023, the supreme court invalidated the naira redesign policy introduced by the central bank, ruling that the old N200, N500, and N1,000 notes would remain as legal tender until December 31, 2023.