Dive deep into the Central Bank of Nigeria’s breakdown of Naira note expenses for 2022.
Understand the costs of printing & disposal and the commitment to currency integrity.
We’re all accustomed to holding those crisp Naira notes, but have you ever paused to consider the financial journey these notes traverse?
It’s more intricate than you might think!
Let’s delve deep into the financial intricacies as revealed by the Central Bank of Nigeria (CBN) concerning the costs associated with both the printing and disposal of these currency notes.
Unraveling the 2022 Financial Statement
The CBN’s commitment to transparency was evident when they showcased a detailed breakdown of their financial performance for the 12 months of 2022.
A whopping N29 billion – that’s what it took to keep the life cycle of the Naira notes seamless last year.
It’s akin to nurturing a plant from seed to flower, only in this case, from minting to eventual disposal.
The Cost Dynamics Over The Years
For context, let’s travel back in time. The commitment to currency integrity has seen a varying scale of investments over the years:
2016: N33.37 billion (Printing) | N1.43 billion (Disposal)
2017: N49.52 billion (Printing) | N594.62 million (Disposal)
2018: N64.04 billion (Printing) | N662.21 million (Disposal)
2019: N75.52 billion (Printing) | N647.82 million (Disposal)
2020: N58.62 billion (Printing) | N538.59 million (Disposal)
It’s like watching the financial tides rise and fall, isn’t it?
Maintaining the Naira’s Integrity
Why this considerable expenditure, you might wonder? Think of it as a routine cleanup in a large mansion to maintain its grandeur.
The CBN, equipped with the power from Section 18(d) of the CBN Act 2007, ensures the cleanliness and trustworthiness of the Naira notes in circulation.
How? By timely and securely disposing of the worn-out notes, like getting rid of outdated decor.
Minters of the Currency
But who’s the artist behind this canvas of currency?
That honor belongs to the Nigeria Security Printing and Minting (NSPM) Plc. Sometimes, they join hands with international firms, producing notes and coins that make their way into our wallets.
Yet, the CBN stands as the vigilant guardian, ensuring each note meets the gold standard of quality.
A New Steward at the Helm
Talking about the CBN, a fresh wind of change has breezed in!
Folashodun Adebisi Shonubi has taken the reins as the acting Governor. Handpicked by President Tinubu from a group of talented deputy governors, he’s now set to steer the ship till May 2024.
Like maintaining the harmony in a symphony, overseeing the lifecycle of the Naira notes is an intricate dance.
Every year brings its challenges and costs. Yet, the CBN remains committed, ensuring that every Naira we hold tells a story of trust, quality, and national pride
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What revelations did 2022 bring concerning the CBN’s finances?
We learned of the CBN’s comprehensive financial health and the expenditure surrounding the Naira notes’ life cycle.
What’s the 2022 price tag for nurturing the Naira notes?
CBN allocated a substantial N29 billion for their creation and disposal.
Why the routine “cleanup” of unfit banknotes?
It’s all about upholding the prestige and trustworthiness of the currency we use daily.
Who crafts our Naira notes and coins?
NSPM Plc, sometimes in tandem with international allies, is behind these masterpieces.
The role of the CBN in this currency dance?
They’re the vigilant overseers, ensuring we get only the best quality in our hands.