CBN Spends ₦‎800 Billion On Currency Production, Destruction

The Deputy Governor, Financial System Stability, Central Bank of Nigeria, Aisha Ahmad, has said the amount spent on maintaining the naira has increased by N10bn annually. Ahmad, who revealed this on Friday during her appearance before the House of Representatives to defend CBN’s new cash withdrawal limits policy, attributed over 90 per cent of currency management costs to banknote production. Findings by Sunday PUNCH indicate that the apex bank spends about N150bn on the management of the naira annually, which has now increased by N10bn, as declared by Ahmad in her presentation, obtained by one of our correspondents on Friday.

By |December 26th, 2022|Categories: News|Tags: , |0 Comments
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