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Naira re-design: CBN Spends N281bn To Print New Notes
Between 2016 and 2020, the CBN spent N281.07 billion on printing bank notes, and another N3.88 billion was used to burn notes that…
- CBN Spends N281bn To Print New Notes
- CBN To Redesign N200, N500, And N1,000 Notes
Between 2016 and 2020, the CBN spent N281.07 billion on printing bank notes, and another N3.88 billion was used to burn notes that had been damaged.
According to data from the apex bank, new notes were printed for N33.37 billion in 2016, N49.52 billion in 2017, and N64.04 billion in 2018. The cost of printing new naira notes fell to N58.07 billion in 2020 from N75.52 billion at the end of 2019.
The central bank destroyed N4.197 trillion throughout the course of the same five years with a cost of N3.88 billion. In 2016, N1.44 billion was spent to get disposed of Naira notes that had been damaged and had a value of N829.94 billion. However, the amount spent fell by almost 50% to N594.62 million in 2017, which was used to burn N977 billion.
The amount of money used to dispose of N814.59 billion increased to N662.21 million in 2018 before marginally declining to N647.82 million in 2019. N698.59 billion was destroyed in 2020 using N538.59 million.
READ MORE: CBN To Redesign N200, N500, And N1,000 Notes
Remember that the CBN announced intentions to redesign and reprint the N1000, N500, and N200 denominations of currency on Wednesday in an effort to curb inflation and take control of the nation’s money supply.
The governor of the Central Bank of Nigeria, Godwin Emefiele, also stated that the present naira notes will cease to be legal money on January 31, 2023.
Analysts are concerned that this action will only increase the nation’s economic strain, which is already high due to the large fiscal deficit, the debt crisis, the severe revenue issue, and the underfunding of numerous government projects and programs.
READ MORE:Â CBN orders Nigerians to return old naira notes, gives ultimatum
Source:Â leadership