The Central Bank of Nigeria (CBN) says currency issue expenses gulped N96.46 billion in 2022.
This is contained in the apex bank’s recently released audited financial statement for the year ended December 31, 2022.
In the report, the CBN said: “Currency issue expenses relate to expenses incurred about the printing, processing, distribution, and disposal of currency notes. This is recognized at cost when incurred.”
Checks by TheCable Index showed that the N96.46 billion recorded for currency issue expenses in 2022 is 32.9 percent higher than the N72.58 billion the apex bank spent in 2021.
In October 2022, Godwin Emefiele, the suspended CBN governor, announced plans to redesign the N200, N500, and N1,000 naira bills.
People were initially given a deadline of January 31, 2023, to hand in all their old notes but it was later extended to February 10.