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 TimesNow.com.ng.
CBN explained that currency issue expenses relate to expenses incurred in relation to the printing, processing, distribution and disposal of currency notes.
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.
Also, Section 18(d) of the CBN Act 2007 authorises the CBN to regularly, under strict security, destroy currency notes and coins withdrawn from circulation deemed unfit.
In the financial statement the CBN also revealed that as at the end of 2024, banknotes and coins in circulation stood at N5.44 trillion an increase from N3.65 trillion in 2023.
Although there is no breakdown of how much each currency expenses item incurred, in recent months the CBN has been very intentional on ensuring that Nigerians don’t experience cash scarcity while also promoting the use e channels, Punch reports.
Recently, the CBN imposed fines of N150 million each on nine Deposit Money Banks (DMBs) for failing to dispense cash via Automated Teller Machines (ATMs) during the festive season.
In a circular announcing the fines the CBN said:
In a previous report by TimesNow.com.ng, it was revealed that new CBN data has shown an increase in currency in circulation and cash outside banks.
The CBN data reveals that currency in circulation hit a new high of N5,24 trillion in January while cash outside banks stood at N4.74 trillion
The development comes amid an increase in ATM withdrawal charges by CBN, which experts say could spike cash outside the banking system.
Source: TimesNow.com.ng
