Business

CBN Spends N58.6bn To Print 2.5bn Naira Notes

Published

5 years ago

November 5, 2021

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”.

Business

FG’s N1,350 FUEL DISCOUNT: Drivers lament low impact on Transportation

Published

7 days ago

October 19, 2026

The Tide

Some Commercial drivers in Port Harcourt have said that the Federal Government’s N1,350 fuel discount is yet to reduce their daily operating cost.

A cross session of commercial drivers who spoke to The Tide correspondents in Port Harcourt said they are yet to feel the impact of the government discount, adding that most filling stations in the city are even selling above the pump price

A driver Jude Ogbo who operates the mile 1 Rumuokoro axis of Port Harcourt said plies the discount has not reflected in his daily fuel expenses.

“Since the discount was announced, many filling stations still sell at the old price. When you go there, you discover they sell you two litres at the price of one. For now, we have not seen any reduction,”_ he said.

Another commercial driver, Comrade Ishmael Uzeho who operates within the Port Harcourt metropolis, said the discount is not being implemented across the country.

“How has the discount affected us? I will say it has not. Many stations are not working. Only NNPC is working and that is just one person in the whole country. If government really wants to help, let the fuel price go down properly,”_ he said.

Uzeho added that if the price of fuel goes down, transport fares will also go down. He noted that his route fare has remained at N500.

On his part, Mr. Moses Dapa, Supervisor at Sam Jaja Foundation Transport Company, said the company has not increased its fares despite the high cost of fuel.

“We are still running normal price. We charge N2,000 and N5,000 depending on the destination. We will not increase our price. I don’t know about other parks, but for Sam Jaja, we are maintaining normal price,”_ Dapa said.

He appealed to passengers to understand that drivers are not using high fuel price as an excuse to charge excessive fares.

Other drivers who spoke said the federal government should monitor the NNPCL retail stations to ensure that the directive is implemented.

Recalled that The Federal Government in abid to reduce transportation cost in the country had announced a 30-day margin discount at NNPC Retail stations across the country from October 1 to 31,

However investigation revealed that the policy is yet to affect transportation cost in the country.

By; Stephens Sopakriba and Saint Davies

Business

Nigeria Has gas potential to navigate energy crisis – Group

Published

7 days ago

October 19, 2026

The Tide

Alfa Designs Nigeria Limited, an asset management company, has assured Nigerians that the country possesses the resources to navigate the current global energy crisis.

In a press statement released to The Tide’s source on Friday in Abuja, the group said Nigeria had a significant resource advantage due to its vast natural gas reserves.

“At a time when global energy markets face unprecedented volatility and rising operational costs, Nigeria stands on a massive resource advantage with its vast natural gas reserves,” the group said.

Highlighting this potential, Alfa Designs urged the nation to move past complaints over energy costs and aggressively embrace Compressed Natural Gas (CNG) as a sustainable engine for economic growth.

While federal policy adjustments have sought to cushion the impact of global energy shocks, industry experts emphasised that long-term relief hinges on a rapid, nationwide transition to gas.

“Transitioning away from expensive traditional petroleum products promises to ease the financial burden on ordinary citizens.

“It will also reposition Nigeria as an attractive industrial hub capable of drawing foreign direct investment and driving job creation,” it said.

To demonstrate the practical feasibility of this transition, the group said it recently partnered with a global Original Equipment Manufacturer (OEM) to lower the entry barriers for commercial drivers.

“By negotiating directly with the manufacturer, we reduced the total cost of acquiring and installing a CNG conversion kit for commercial tricycles (commonly known as Keke NAPEP) from up to N700,000 down to under N450,000.”

The group said this shift offers dramatic immediate financial benefits for local operators, with petrol currently selling at roughly N1,390 per liter.

It said that, in comparison, at a CNG equivalent price of about N98 per liter, a daily commercial driver using 10 liters of fuel reduces its daily energy expenditure from N13,900 to N3,980.

“This represents a daily net savings of N9,920, or more than 71 per cent.

“Over a standard 26-day working month, drivers save over N257,000, allowing them to fully recover the cost of the CNG conversion in less than 46 operational days.”

The company further stated that when scaled nationally, the economic implications are monumental.

“Nigeria consumes approximately 50 million liters of gasoline daily, costing roughly N69.5 billion per day.

“A nationwide 71 per cent reduction in fuel expenditure would generate daily national energy savings of N49.6 billion.

“On an annualised basis, this shift equates to approximately N18.1 trillion, or $13.5 billion, kept within the domestic economy.”

The group added that those recurring national savings would offer a vital mechanism to help address Nigeria’s estimated $2.3 trillion infrastructure deficit.

It said reinvesting those funds into the economy helps eliminate the 30 to 40 per cent operational overhead currently consumed by imported fossil fuels.

“The resulting boost to corporate margins expands the national tax base, generates reliable user-fee revenues to make major transit projects bankable, and creates a self-sustaining financial cycle,” it said.

Business

Don’t Wait For White Collar Jobs, Diri Charges Youths …Harps On Agroprenuers Businesses

Published

7 days ago

October 19, 2026

The Tide

Governor of Bayelsa State, Senator Douye Diri has charged youths of the state to explore business and investment opportunities in the agricultural sector as a source of empowerment.

The Governor gave the charge at the 2027 World Food Day(WDF) Celebration in Yenagoa, the State capital on Friday themed: “Innovate Today, Nourish Tomorrow,”

He noted that farming is a blessing and not a punishment as some people erroneously think.

Deputy Governor of the State, Dr Peter Akpe who represented the governor said the global theme could not be more fitting and called on the youths to embrace agriculture as a career, instead of staying idle and waiting for white collar jobs.

He also encouraged civil servants and families to take up backyard farming and urged financial institutions to make credit accessible to smallholder farmers in the state.

The governor who also appreciated beneficiaries of government grants and agripreneurs who shared their success stories, describing them as living proof that agriculture in the State was not only a way of life but also a business that could create jobs and wealth.

According to him, “the State was blessed with water and fertile land and my administration has secured some strategic partnerships to ensure food security”.

He noted that the State flagged-off its maiden dry season farming programme at its Otuasega Farm in Ogbia Local Government Area and in partnership with the Central Bank of Nigeria installed rice mills at the Niger Delta University and the Federal University, Otuoke.

The governor explained that the intention was to enable Made-in-Bayelsa rice move from the fields to the markets and that thousands of farmers from across the eight local government areas of the State have received seedlings and farm inputs.

The Bayelsa helmsman encouraged youths to embrace innovation, considering the state’s peculiar terrain, plant flood-tolerant seed varieties, as well as apply modern aquaculture to complement the wild fisheries that pollution has depleted.

Governor Diri also tasked Youths of the State to engage in soilless farming, partnerships, ensuring processing, storage, and cold chains to prevent food wastage.

He commended the International Fund for Agricultural Development, IFAD, and the LIFE-ND programme for building agribusinesses among young people as well as the Peremabiri Farmers Cluster for demonstrating what well organised and innovative farmers could achieve.

On the need to protect farmers, the governor cautioned herders against attacks on farmers in the state, saying that the state’s law which criminalises open grazing was still in force.

Commending the Ministry of Agriculture and Natural Resources for organising the celebration, Governor Diri charged it to work towards meeting the targets set by the government to enable the people of the state buy Bayelsa rice this Yuletide season.

“Let me be frank: government cannot do it alone, and it should not try to do so. Our role as a government is to create an enabling environment and provide access roads. Our focus on roads cannot be derailed. We must construct bridges to farms and support farming settlements. We must also continue to improve security for farmers and their crops.

“The actual farming must be done by our people. I therefore call on our youths to see agriculture as a career, not a punishment.

We are already witnessing some changes. In fact, many people from outside the state are taking advantage of the beauty and productivity of our soil, and are engaging in fishing and farming.

“We are calling on our youths in Bayelsa to return to agriculture and increase their participation, so that they can also account for a significant proportion of those registered under the relevant agricultural programmes. The grant beneficiaries and agripreneurs sharing their stories with us today are living proof that agriculture in Bayelsa is not only a way of life but also a business that can create wealth and jobs”, he said.

In his address, the Commissioner for Agriculture and Natural Resources, Prof Beke Sese, said since 2020, more than 17,300 farmers have received direct support through various programmes, including the Accelerated Agricultural Development Scheme, Diri BOOST and the Prosperity Farmers Grant Scheme.

He noted that this year alone, 2,106 farmers, fishers and processors across all eight local government areas have received grants and that beneficiaries were expanding their cultivation efforts and laying a strong foundation for statewide agricultural prosperity.

According to Prof Sese, the state’s 410-tonne-a-day rice milling plant was now fully operational and performing at optimal capacity, turning paddy into polished, Made-in-Bayelsa rice.

“We are cultivating 106 hectares of rice and buying paddy from the communities we supply, so that while you plant, you know a buyer is waiting. The Bayelsa rice plant is currently undergoing laboratory analysis for food and nutritional certification and will soon be launched into the mark.

In his remarks, National President, All Farmers Association of Nigeria (AFAN), Dr. Farouk Rabiu Mudi, said the association was pleased with Governor Diri’s strides in the agricultural sector.

Highpoint of the event was the presentation of an AFAN award of excellence by Dr. Mudi, on behalf AFAN members to Bayelsa State Governor as the Best Governor in Agricultural Connectivity and Farmers’ Support in the country.

By Ariwera Ibibo-Howells, Yenagoa