Edward Lametek Adamu, the Deputy Governor of the Central Bank of Nigeria, revealed during a 2023 budget defense session at the Nigerian Senate that the CBN spent ₦18 billion to print ₦1 billion worth of new naira notes.
This means that for every ₦1 billion worth of new currency printed, the CBN incurred a cost of ₦18 billion. This includes expenses related to:
1. Paper and ink procurement
2. Security features and design
3. Printing and production
4. Transportation and storage
The high cost might be due to various factors, such as:
1. High-security features to prevent counterfeiting
2. Imported materials (paper, ink, etc.)
3. Limited domestic capacity for large-scale currency printing
4. Inflation and economic conditions
Please note that this information might be subject to change or updates, and it’s always best to verify with credible sources for the most accurate and up-to-date information.
