Economy
CBN Reveals it Spends N800 Billion On Printing And Destruction Of Naira Notes
Central Bank of Nigeria’s Deputy Governor of Financial System Stability, Aisha Ahmad, has stated that the bank’s spending on maintaining the naira has spiked by N10 billion yearly.
She revealed this on Friday, December 23, 2022, when she appeared before the House of Representatives to defend the bank’s new policy on cash withdrawal limits.
She attributed over 90 per cent of currency management costs to the production of naira notes.
According to the Punch, the CBN spends about N150 billion yearly on naira management. The amount has now risen by N10 billion, per Ahmad’s presentation. Kingsley Moghalu, an ex-CBN deputy governor, disclosed that the CBN spends about N150 billion yearly to maintain the local currency. Moghalu said that the amount is used to store, produce, transport, protect and destroy the notes annually.
Ahmad said the CBN spent about N800 billion between 2017 and 2021 on currency production, storage, transportation and destruction. The CBN deputy governor said the management of currency is a crucial function of the bank as contained in the CBN Act of 2007, adding that the integrity of the naira and efficient supply of naira notes are indicators of a functional central bank.
She stressed the various problems facing currency management in Nigeria, affecting the bank’s ability to carry out its mandate of issuing legal tenders.
She stated:
“The challenges have continued to grow in scale, with the attendant consequences on the bank’s policy effectiveness if left unaddressed. These challenges include wholesale hoarding of naira banknotes by members of the public.
She further stressed the risk of counterfeiting as evident in reports from security agencies on the increase in fake-related incidents in some states, including the FCT.
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