According to annual report data from the Central Bank of Nigeria, Nigeria spent N307 billion on printing banknotes between 2014 and 2019.
The cost increased from N31.1 billion to N75.5 billion between 2014 and 2019.
Nigeria spent N23.1 billion in 2015, which rose to 30.1 billion in 2016 while N33.4 billion was spent in 2017.
The cost of printing Naira further increased to N49.5 billion in 2017 and N64.04 billion in 2018.
The amount Nigeria spent in printing currency in 2020 has not been released by the CBN.
The Central Bank disclosed on its website that Naira notes and coins are printed/minted by the Nigerian Security Printing and Minting Plc (NSPM) and other foreign printing/minting firms wher CBN has 21 percent stake.
