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Business News

CBN spends N231.2 billion to print banknotes in 6-year, up by 105% 

The Central Bank of Nigeria (CBN) spent a cumulative sum of N231.2 billion to print banknotes in the last 6 years (2013 – 2018).

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The Central Bank of Nigeria (CBN) spent a cumulative sum of N231.2 billion to print banknotes in the last 6 years (2013 – 2018). This was disclosed in the 2018 annual report released by the Central Bank’s Currency Operations Department.

According to the CBN report, between 2013 and 2018, the total cost incurred on printing banknotes increased by 105%. Specifically, the sum of N31.1 billion was spent in 2014 to print banknotes while it rose to N49.5 billion in 2018.

[READ MORE: Lenders increase unsecured loans to households in Q3 2019 – CBN]

Details provided by the CBN showed that the Nigerian Security Printing & Minting (NSPM) Plc remained the National printer of the Nigerian legal tender currency. According to the report, the company has an installed capacity to produce 4 billion pieces of banknotes per annum, with a production plan of 3.35 billion pieces of banknotes for 2018.

  • However, the company produced 2.68 billion pieces of banknotes as at the end of 2018, compared with 1.97 billion during the same period in 2017.
  • Analysis of the production plan of the company indicated an increase of 711.80 million pieces or 36.11%.

The total stock of currency (issuable and non-issuable) in the vaults of the bank as at the end of December 2018 stood at 1.71 trillion pieces, compared with 1,28 trillion pieces in 2017, indicating an increase of 33.83%.

  • As at end-December 2018, the total issuable notes (newly printed notes and Counted Audited Clean notes) stood at 496.61 million pieces.
  • Comparing with 256.61 million pieces in 2017, this indicates an increase of 240 million pieces or 94.0%.
  • The CBN noted that the increase was attributed to the volume of new notes supplied by NSPM PLC.

Currency concerns: The currency department of the CBN stated that it was confronted with a number of operational challenges in 2018. According to the report, the challenges included the sale of newly minted Naira notes; poor handling habits of banknotes by the public; hoarding of the Naira and high cost of currency management.

Other constraints were rising incidences of counterfeiting of the higher denomination banknotes; public apathy in the usage of coins; disposal of banknotes waste in an eco-unfriendly manner, and banknotes inter-leafing and other shortages discovered in the deposits of DMBs and Bankers Warehouse.

[READ ALSO: CBN, this is one option that’s better than forex ban – Kalu Ajah]

Meanwhile, the CBN stated that to address challenges, it would sustain efforts to conduct operational research and benchmark best practices to improve Currency Operations Management. It also stated that the currency department would continue collaboration with security agencies to mitigate the sale of newly minted Naira banknotes, through sting operations and other activities.

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

1 Comment

1 Comment

  1. Khamis Khuzaifa

    January 20, 2020 at 4:09 am

    My name khamis khuzaifa

    My question here is

    How much does CBN create every year

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Coronavirus

Update: Health Minister states side effects of COVID-19 vaccines

Dr. Osagie Ehanire has disclosed the side effect of the COVID-19 vaccines.

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Nigeria to vaccinate 20 million people against Covid-19. Chinese Engineering firm donates medical supplies to Nigeria

Minister of Health, Dr. Osagie Ehanire has stated the side effects of the COVID-19 vaccines, which he said is mild.

The minister disclosed this during the live broadcast when President Muhammadu Buhari took his vaccine shot on Saturday.

According to the Minister, the reactions are usually mild and only few people had complained of mild pain in the part of the body they got the shot.

He said, “It is not everybody that complained of reactions/side effects but few had complained of mild pain at the part of the body they got the shot.

”Usually manufacturing vaccines take not less than 4 years but this only took about 1 year, which is the reason some people are apprehensive about the vaccines. This was manufactured in the United Kingdom and has been certified.”

Ehanire, explained that the jab is painless as a narrow gauge syringe was used with a small quantity injected in the upper arm.

He added that the after-effects are mild but accompanied by little discomfort in the area that was injected.

Present at the brief ceremony were the Secretary to the Government of the Federation (SGF) Mr Boss Mustapha; Minister of Information and Culture, Alhaji Lai Mohammed; the Chief of Staff to the President, Professor Ibrahim Gambari and other members of the Presidential Task Force (PTF) on COVID-19, senior government officials and journalists.

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Coronavirus

Update: President Buhari, VP Osinbajo get COVID-19 vaccine shots

President Buhari and VP Osinbajo have been vaccinated against COVID-19 on Saturday at the State House, Abuja.

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President Muhammadu Buhari and Vice President Yemi Osinbajo have been vaccinated against COVID-19 on Saturday at the State House, Abuja.

President Buhari and VP, who received his COVID-19 vaccine shot on Live TV broadcast, urged Nigerians to emulate him and do the same to curb the pandemic in the most populous black nation.

 

Both were administered their jabs, on Saturday morning, at the Banquet Hall of the presidential villa, Abuja at a ceremony broadcast live on national television.

Their inoculation followed their e-registration and filling out of their vaccination cards by the Executive Director of the National Primary Health Care Development Agency (NPHCDA), Faisal Shuaib.

Vaccination of Buhari was done by Chief Personal Physician to the President, Dr Suhayb Rafindadi.

Osinbajo was also vaccinated by his personal physician, Dr Nicholas Audifferen.

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