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| CBN Governor- Godwin Emefiele |
The sum of N281.07 billion has been spent by CBN to print bank notes between 2016 and 2020 and another N3.88 billion to destroy mutilated notes within the same period.
Apex bank data showed that N33.37 billion had been used to print new notes in 2016, the amount expended increased to N49.52 billion and N64.04 billion in 2017 and 2018 respectively. At the end of 2019, N75.52 billion had been spent on printing new naira notes as the amount spent declined in 2020 to N58.07 billion.
Within the same five year period, the central bank spent N3.88 billion to destroy N4.197 trillion while N1.44 billion was spent in 2016 to dispose off mutilated naira notes with a value of N829.94 billion. The amount spent however dropped by almost half to N594.62 million spent in 2017 to destroy N977 billion.
The money spent in disposing N814.59 billion rose to N662.21 million in 2018 and declined slightly to N647.82 million that was used to dispose off N814.43 billion. In 2020, N538.59 million was used to destroy N698.59 billion.