In a shocking development that has gotten tongues wagging across the nation, the Central Bank of Nigeria (CBN) has disclosed that it spent N96.46bn to print, distribute naira notes in 2022.
This development 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 relates to expenses incurred in relation to the printing, processing, distribution, and disposal of currency notes. This is recognised at cost when incurred.”
According to data gathered by newsmen, the N96.46 billion recorded for currency issue expenses in 2022 is 32.9 percent higher from the N72.58 billion the apex bank spent in 2021.
It could be recalled that in October 2022, Godwin Emefiele, the embattled and suspended CBN governor, announced plans to redesign the N200, N500, and N1,000 naira bills.
In view of the development, 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. However, not enough of the new notes were released.
Recall that the shortage of the new naira notes made it extremely hard for many Nigerians to engage in many forms of commercial transactions including transportation costs. At the time, the charges of point of sale (PoS) merchants also rose astronomically.
The untold hardship brought by the naira scarcity prompted citizens across the country to take to the streets to protest.
In a sigh of relief ruling in March 2023, the supreme court invalidated the naira redesign policy introduced by the central bank, ruling that the old N200, N500, and N1,000 notes would remain as legal tender until December 31, 2023.
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