The Central Bank of Nigeria (CBN) has disclosed that it spent the sum of N58.618 billion to print 2.518 billion Naira notes, valued at N1.063 trillion in, 2020.

The apex bank disclosed this in its 2020 Currency Report posted on its website on Thursday.

The figure, according to the report was lower than the N75.5 billion and N64.0 billion spent by the CBN for the printing of currency in 2019 and 2018 respectively.

According to the report, “The total cost incurred on printing of banknotes in 2020 amounted to N58,618.50 million, compared with N75,523.50 million in 2019, indicating a decrease of ₦16,905.00 million or 28.84 per cent.”

CBN indicated in the report that the notes were printed in-country by the Nigerian Security Printing and Minting Plc (NSPM Plc).

“The CBN approved 2.518 billion pieces of banknotes of various denominations in 2020 to satisfy the currency needs of the economy compared with 3.830 billion in the preceding year.

“The NSPM Plc was awarded the contract for the production of the entire indent. At end of December 2020, NSPM Plc had delivered 100 percent of the approved indent.”

The apex bank also put the total stock of currency (issuable & non-issuable) in its vaults at the end of December 2020 at 2.747 billion pieces compared to 2.641 billion pieces in 2019.

This indicated an increase of 105.73 million pieces or 4.0 percent.

“At end of December 2020, the total issuable notes (newly printed notes and Counted Audited Clean notes) was 592.94 million pieces compared with 726.43 million pieces in 2019, representing a decrease of 133.49 million pieces or 18.38 percent,” the report added.

It is worthwhile to note that the current Management of the CBN under the leadership of Mr. Godwin Emefiele, has been driving the cashless policy with a view to cutting the cost of printing bank notes and cash management, in the country. The new e-Naira was also initiated in line with the policy.