Central Bank Spent N58.618 billion to print Nigeria 2.518 billion

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Nigeria the Central Bank of Nigeria (CBN) confirmed they spent N58.618 billion to print 2.518 billion Naira notes last year.

The Central bank disclose these details n its 2020 Currency Report posted on its website is on Thursday.

According to CBN they are lowering the cost of printing as 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.

It said: β€œThe total cost incurred on printing of banknotes in 2020 amounted to N58.6 billion compared with N75.5 billion in 2019. This indicated a decrease of N16.9 to a different from that the only billion or 28.84 per cent.” They did not printed it overseas but in Nigeria and that’s how much it cost

β€œThe 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.

CBNΒ to revealed that the notes were printed in the country by the Nigerian Security Printing and Minting Plc (NSPM Plc). On reading hearing this news I decided to do little research to know how much it cost where our president normally go for his health care check and Where all CBN Governor children are studying ENGLAND and the statistics couldn’t be more different

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The bank of England publishes data on the number of notes it prints

Banknote statistics

In England Buhari hospital destinations it’s cost national Bank of England 9 pence to print 1 pound but Nigeria it cost us N25 naira to print N1 naira

The bank of England says it spends about 40 million per year replacing banknotes

In 2013/14 the bank printed 682 million notes (of all denomintations) – so very approximately the cost was 6 pence each. That assumes that notes cost the same whatever their denomination.

It has been reported that the polymer notes cost about 50% more to print than paper notes and I think that polymer notes post date 2013/14 so that means that a Β£5 note on polymer costs about 9 or 10p.

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