Central Bank Of Nigeria Disclosed The Amount It Used In Producing Naira Notes In 2020

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It has been disclosed how Nigeria’ s Central Bank (CBN) spent N58. 618 billion to produce 2. 518 billion Naira notes in 2020, according to the Central Bank of Nigeria (CBN). The Central Bank of Nigeria (CBN) acknowledged this in its 2020 Currency Report, which may be accessed on its website.

According to the study, the amount spent on printing was in fact lower than the N75. 5 billion and N64. 0 billion spent on currency printing in 2019 and 2018, respectively, according to the report.

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According to the National Bank of Nigeria, the entire cost of making banknotes in 2020 was N58. 6 billion, compared to N75. 5 billion in 2019. A drop of N16. 9 billion or 28. 84 percent was revealed by this figure. ” Furthermore, the Central Bank of Nigeria disclosed that the notes were printed in the country by a company called the Nigerian Security Printing and Minting Plc (NSPM Plc).

” The Central Bank of Nigeria (CBN) approved 2. 518 billion pieces of banknotes of various denominations in 2020 to meet the currency demands of the economy, compared to 3. 830 billion in the previous year. ”

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The contract for the production of the full indent was awarded to the NSPM Plc corporation. When December 2020 came along, NSPM Plc had completed delivery on every single approved indent. ” The central bank also stated that the total stock of currency (both issuing and non- issuing) in its vaults at the end of December 2020 was 2. 747 billion pieces, up from 2. 641 billion pieces at the end of December 2019.

This represented an increase of 105. 73 million pieces, or 4. 0 percent, over the previous year.

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As the study points out, ” at the end of December 2020, the total number of issuable notes (newly printed notes and Counted Audited Clean notes) was 592. 94 million pieces, compared to 726. 43 million pieces in 2019, reflecting a fall of 133. 49 million pieces, or 18. 38 percent. ”

Section 2(b) of the Central Bank of Nigeria Act 2007 specifies that the Central Bank of Nigeria is responsible for the issuance of legal tender money, which is in accordance with its mandate. The Central Bank of Nigeria (CBN) authorised an issue of 2, 51 billion pieces of banknotes of various denominations in 2020 to meet the country’ s monetary demands. When compared to what CBN spent on printing in 2019, 2018, and 2019, the amount spent in 2020 represents a considerable decrease.

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Source: Mcebiscoo.com

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