Business
CBN Spends N58.6bn To Print 2.5bn Naira Notes
The Central Bank of Nigeria (CBN) spent the sum of N58.618billion to print 2.518billion Naira notes, valued at N1.063trillion in 2020.
This was contained in the bank’s 2020 Currency Report posted on its website, yesterday.
It indicated a decrease in the bank’s expenditure on currency printing, which stood at N75.523billion, in 2019 and N64.040billion in 2018.
The current management of the CBN under the leadership of Mr. Godwin Emefiele, has been driving the cashless policy with a view to cutting the cost of printing bank notes and cash management, in the country.
The new e-Naira was also initiated in line with the policy.
According to the report, “The total cost incurred on printing of banknotes in 2020 amounted to N58,618.50million, compared with N75,523.50million in 2019, indicating a decrease of ¦ 16,905.00million or 28.84 per cent.”
CBN indicated in the report that the notes were printed in-country by the Nigerian Security Printing and Minting Plc (NSPM Plc).
The report indicated that CBN, “approved an indent of 2,518.68million pieces of banknotes of various denominations in 2020 to satisfy the currency needs of the economy, compared with 3,830.94million in the preceding year.
“The NSPM Plc was awarded the contract for the production of the entire indent. At end-December, 2020, NSPM Plc had delivered 100 per cent of the approved indent.”
It put the total stock of currency (issuable & non-issuable) in the vaults of the bank at end December, 2020 at 2.747billion pieces, compared with 2.641billion pieces in 2019, indicating an increase of 105.73million pieces or 4.00per cent.
“At end-December, 2020, the total issuable notes (newly printed notes and Counted Audited Clean notes) was 592.94million pieces, compared with 726.43million pieces in 2019, representing a decrease of 133.49million pieces or 18.38per cent,” the report showed.
The report also indicated that a total of $1.830billion was procured over the course of 2020.
According to the report, “This value represents a decrease of $2,120.00million or 53.67per cent relative to the $3,950.00million procured in 2019.
“This was used to fund Bureaux De Change (BDC) operations, payment of estacode and Personal Travel Allowances (PTA) to Ministries, Departments and Agencies (MDAs).”
CBN said that the receipt and authentication of foreign currency deposits by Deposit Money Banks (DMBs) reduced significantly due to the downturn in global trade in 2020.
The report indicated, however, that Currency-in-Circulation (CIC) increased by 19.06per cent from N2.441trillion at end December, 2019 to N2.907trillion at end-December, 2020.
“The growth in CIC reflected the continued dominance of cash in the economy. Analysis of the CIC shows that a greater proportion was in higher denomination banknotes (N100, N200, N500 and N1000).
“The higher denomination banknotes together accounted for 63.47per cent and 98.08per cent of the total CIC, in terms of volume and value, respectively. The volume of lower denomination banknotes (N5, N10, N20, N50), accounted for 28.43per cent of the total CIC and 1.92per cent, in terms of value as at end-December, 2020.”
In 2020, a total of 173,585 boxes of banknotes valued at N980.758billion was processed, compared with 260,651 boxes of banknotes valued at N1.533trillion in 2019.
This represents a decrease of 33.40per cent in the number of boxes or N552.971billion in value of processed banknotes.
On counterfeit notes, the report showed that a total of 67,265 pieces of counterfeit notes with a nominal value of N56.83million was confiscated in 2020, indicating a 20.80per cent decrease in volume and 12.18per cent decrease in value, compared with 84,934 pieces valued at N64.71million in 2019.
It said, “The global standard for the number of counterfeit per million is 100. The ratio of counterfeit notes to volume of banknotes in circulation was 13 pieces per million in 2020, compared to 20 pieces per million banknotes in 2019.
“The N1000 and N500 denominations constituted the most counterfeited, accounting for 69.06percent and 30.79 per cent, of the total counterfeit notes in 2020, respectively”.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos