Business

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

Published

4 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

Customs Launches Digital Vehicle Verification System To Tackle Smuggling

Published

1 day ago

October 27, 2025

The Tide

The Nigeria Customs Service (NCS) has launched a new digital verification platform designed to curb vehicle smuggling, enhance transparency, and strengthen accountability in the automobile importation process.

The initiative, known as the Customs Verification Management System (CVMS), was officially unveiled by the Comptroller-General of Customs, Adewale Adeniyi, at the Customs Headquarters, Abuja.

Speaking at the launch, Adeniyi described the initiative as a milestone in the Service’s ongoing modernisation agenda, noting that it closes long-standing loopholes in the vehicle clearance process.

“For years, verification of imported vehicles relied on fragmented and outdated methods that left room for misinformation, fraud, and revenue leakages. The launch of this system is another score on the board for our bold transformation agenda,” Adeniyi said.

He explained that CVMS was developed in collaboration with the Trade Modernisation Project (TMP) and local technical experts to provide a secure and transparent verification process accessible to all Nigerians.

According to him, the digital platform would significantly reduce the circulation of smuggled and improperly cleared vehicles while boosting government revenue.

Adeniyi said “This new solution empowers the public and strengthens the integrity of our Service by promoting transparency, accountability, and trust.

“Anyone who invests millions of naira in a vehicle would not hesitate to pay N15,000 to verify its authenticity and ensure their investment is protected.”

The Customs chief noted that payments can be made using any valid card issued by financial institutions in Nigeria or abroad, with verification results generated instantly.

He further explained that the platform creates a centralised database through which vehicle details can be traced, verified, and confirmed within minutes, improving operational efficiency across Customs formations and enhancing inter-agency coordination.

Adeniyi noted that the CVMS is part of the Service’s broader digital reform strategy, aimed at simplifying clearance procedures, promoting data-driven operations, and increasing transparency in revenue collection saying “In essence, this system brings openness to an area that was previously shrouded in uncertainty and manipulation.

“Across all our operations, we are deploying innovative, technology-driven solutions to simplify processes and boost transparency”..

In his remarks, the National President, Association of Motor Dealers of Nigeria (AMDON), Ajibola Adedoyin, commended the initiative and assured that his members would key into the system after conducting an independent assessment.

Business

NDDC Unveils Naval Facilities To Boost Region’s Security

Published

1 day ago

October 27, 2025

The Tide

The Niger Delta Development Commission (NDDC), has demonstrated its commitment to partnering security agencies to maintaining peace and stability in the Niger Delta region by unveiling a state-of-the-art strategic naval facility in Ayakoro, Ogbia Local Government Area of Bayelsa State.

The facilities, inaugurated at the Naval Base, recently, stood as a bold testament to the commitment of the NDDC to strengthening security infrastructure and partnerships for sustainable peace and development across the Niger Delta region.

The landmark initiative highlights the NDDC’s unwavering commitment to regional development and its support for security agencies in the protection of the nation’s waterways.

Managing Director, NDDC, Dr Samuel Ogbuku, stated that the new facilities are not just projects; they are symbols of collaboration between the commission and the security agencies.

Ogbuku said “Boosting the capacity of the Naval Base is critical to ensuring maritime security, safer waterways and improved socio-economic activities in the coastal communities. A well-fitted operational base will serve as both a security hub and a catalyst for community development.”

Ogbuku assured the Commission’s continued support to security agencies in securing the waterways and in boosting the country’s emerging blue economy.

He said “President Bola Ahmed Tinubu is committed to the peace and development of the Niger Delta region, and he has given us a matching order to embark on legacy projects that will stand the test of time and impact lives in the region. We cannot achieve this if there is no peace.”

“For us in NDDC, we will continue to collaborate with the security agencies to ensure that there is sustainable peace that will usher in development. The security forces have made so many sacrifices to ensure the safety of the region, and we will complement their efforts by executing legacy projects.”

“This facility serves as a testament to our dedication to partnering with security agencies to safeguard our waterways, enhance oil production, and stimulate regional development.”

Ogbuku acknowledged President Tinubu’s steadfast support, which he said has significantly enhanced the NDDC’s capacity to execute impactful projects in line with its mandate to transform the Niger Delta region.

Ogbuku pointed out that under the leadership of the current Board and Management, the Commission has demonstrated a commitment to achieving the Renewed Hope Agenda of President Tinubu, who is concerned about the development of the Niger Delta region.

He observed that President Tinubu’s administration has provided crucial support and played a complementary role in enabling the NDDC to carry out projects such as the newly unveiled state-of-the-art strategic naval location in Ayakoro.

“Those are part of the legacies we want to leave behind. We plan to commission many projects in commemoration of our second anniversary as the board of the seventh Governing Board of the NDDC.

“For this particular project, the Nigerian Navy will be the primary beneficiary, and it will also benefit the citizens of the Niger Delta and the community where the project is located.

Giving a brief overview of the projects, the NDDC Executive Director of Projects, Dr Victor Antai, listed the various facilities handed over to the Navy.

“They are: a fully furnished administrative block; a furnished accommodation block; a furnished 40-man houseboat with two units of 100kva generators and two units of gun boats powered by 200 Hp units of Yamaha engines each.

“The package includes several hectares of land donated by the Ayakoro community to the Nigerian Navy to build a Navy school; a 60kVA solar inverter installed in the administrative and accommodation blocks, as backup power; a 30kVA solar inverter installed in the 40-man houseboats as backup power; a full-option Toyota Hilux vehicle for operational use and a newly built operational floating jetty”, he said.

The Commander of Operation Delta Safe, Rear Admiral Noel Madugu, stated that the operational facilities handed over by NDDC would bolster the Nigerian Navy’s presence and security operations.

He commended the NDDC for the pioneering initiative, noting that the facilities would enhance maritime surveillance and improve operational responses to combat illegal activities in the region’s waterways.

He stated, “The event we are witnessing today is a testament to the existing close collaboration between the NDDC and the Nigerian Navy, which is geared towards addressing maritime security challenges in the region.

“I commend the vision and commitment of the leadership of the NDDC for citing the security project at Ayakoro with a view to addressing security challenges associated with the maritime environment in the region.”

“The Navy will spare no effort to ensure that the objectives for which the security projects are provided will be fully realised.”

Madugu solicited community support in intelligence sharing to improve the operational effectiveness of the Nigerian Navy.

In his remarks, the Bayelsa State Governor, Senator Duoye Diri, stated that the Niger Delta region contributes substantially to Nigeria’s foreign exchange earnings, noting that it was evident that most of Nigeria’s maritime domain and international coastline outside of Lagos, all of which are within the Gulf of Guinea, are in the coast of the Niger Delta.

Governor Diri, represented by Brigadier General Eric Angaye (Rtd.), stated that the Niger Delta region was critical to Nigeria’s oil economy.

While praising the NDDC’s efforts to drive socio-economic development and infrastructure growth in the region, the governor urged communities in the Niger Delta to collaborate with and support security agencies in protecting economic assets and investments.

In his words, “I urge traditional rulers, community youth leaders, and other stakeholders to work with the Navy and other security forces to build trust, reevaluate tensions where they exist, and channel the energy of the youths into constructive programmes.”

The Acting Paramount Ruler of Ayakoro, Chief Micah Etebi, affirmed that the projects handed over to the Navy were testaments that the NDDC is impacting the people of the Niger Delta region.

The monarch thanked Ogbuku and the NDDC, describing the facility as a blessing with the potential to bring substantial benefits to the community.

Business

FG Fixes Uniform Prices for Housing Units Nationwide, Approves N12.5m For 3-bedroom Bungalow ……..Says Move To Enhance Affordability, Ensures Fairness

Published

1 day ago

October 27, 2025

The Tide

The Federal Ministry of Housing and Urban Development has approved and announced uniform sale prices for housing units under its Renewed Hope Estate Programme’ across all states of the federation.

The housing units, which comprise one, two, and three-bedroom semi-detached bungalows, has the approved selling prices are: One-bedroom semi-detached bungalow, N8.5 million; two-bedroom semi-detached bungalow: N11.5 million and three-bedroom semi-detached bungalow, N12.5 million.

A Statement in Abuja by the Director, Press and Public Relations, Badamasi Haiba, the move was part of the ministry’s efforts to make homeownership more accessible and equitable for Nigerians.

“The approved selling prices are as follows: One-bedroom semi-detached bungalow, N8.5 million; two-bedroom semi-detached bungalow: N11.5 million and three-bedroom semi-detached bungalow, N12.5 million,” the statement added.

The adoption of uniform selling prices, according to the statement, aims to promote affordability, transparency, and fairness, ensuring that Nigerians across all regions have equal opportunities to benefit from the Renewed Hope Housing Programme.

Minister of Housing and Urban Development, Ahmed Dangiwa, stated that priority in the allocation of the housing units would be given to low and middle-income earners, civil servants at all levels of government, employees in the organised private sector with verifiable sources of income, and Nigerians in the Diaspora who wish to own homes in the country.

The Permanent Secretary in the ministry, Dr. Shuaib Belgore, explained that several payment options have been provided to make the houses affordable and flexible. These include outright (full) payment, mortgage, rent-to-own scheme, and installment payment plans.

The ministry further announced that the sale of the completed housing units across the northern and southern regions will soon commence.

“Applications can be made through the Renewed Hope Housing online portal at www.renewedhopehomes.fmhud.gov.ng, or obtained from the ministry’s headquarters and field offices nationwide,” the statement added.

The ministry, however, clarified that the approved prices apply strictly to the Renewed Hope Housing Estates which are funded through the ministry’s budgetary allocation, as against the Renewed Hope Cities in Karsana Abuja, Janguza Kano, Ibeju Lekki, Lagos which are being funded through a Public Private Partnership (PPP).