CBN Spent N64b to Print BankNotes in 2018

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  • CBN Spent N64b to Print BankNotes in 2018

The Central Bank of Nigeria said a total sum of N64 billion was spent to print banknotes in 2018.

In the report released on Tuesday by the apex bank, the amount was N14.5 billion higher than the N49.5 billion spent in 2017.

Further analysis shows the amount spent on banknotes has been increasing since 2015 when N30.09 billion was reportedly spent to N33.37 billion in 2016 despite the cashless policy campaign.

The Currency Operations Department, CBN, attributed the increase in expenditure to challenges such as the sale of newly minted naira notes; poor handling habits of banknotes by the public; hoarding of the naira and high cost of currency management.

The report also noted that “a total of 119,663 pieces of counterfeit notes with a nominal value of N98.82m was recorded in 2018.

“This indicated a decline of 1.30 per cent in volume and an increase of 5.77 per cent in value, when compared with 118,126 pieces with a nominal value of N93.43m recorded in 2017.

“The ratio of counterfeit notes to the volume of banknotes in circulation was 18 pieces per million, compared to 16 pieces per million banknotes discovered in 2017.”

The report noted that N500 and N1000 denominations remained the most counterfeited banknotes in the country and accounted for 65.29 per cent and 34.49 per cent of the total counterfeit notes discovered.

It stated, “The increasing trend of counterfeiting of higher denomination banknotes underscores the need for more concerted efforts in managing the risk.

“The bank will, however, sustain its publicity campaign, collaborative efforts with security agencies and collation of data on counterfeits to mitigate the incidence of counterfeiting.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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