In 2022, CBN spent #74.84 billion on currency issues and the redesign of the naira

In 2022, the CBN alone spent #29.65 billion on currency issue costs.The Central Bank of Nigeria (CBN) implemented a naira redesign strategy, and other costs associated with currency-related problems cost the top bank around #74.84 billion in 2022.The expenses on currency issues relate to expenses the apex bank incurred during the printing, processing, distribution, and disposal of currency notes. These include the cost of raw materials, employee benefit expenses relating to production staff, electricity and diesel expenses, depreciation and repairs and maintenance. According to the bank’s recently released financial statement, the CBN in 2022 spent ?29.65 billion on currency issue expenses alone. The amount spent indicates a 94.66% increase from the ?15.23 billion spent in 2021.