Naira Printing Prices Soar 306%
The Central Financial institution of Nigeria (CBN) spent N315.18bn on forex difficulty bills in 2024, marking a pointy enhance of 306 per cent in comparison with N77.67bn recorded in 2023, the apex financial institution’s audited monetary assertion for the 12 months has proven.
Forex difficulty bills cowl the printing, processing, distribution, and disposal of banknotes.
The most recent figures reveal that the CBN’s price of managing bodily money spiralled dramatically throughout the 12 months below evaluate, as Nigeria grappled with lingering money shortages and disruptions within the cash provide chain.
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The surge in expenditure got here because the nation continued to cope with the consequences of the naira redesign coverage launched in late 2022.
Regardless of efforts to stabilise money circulation all through 2023, Nigerians nonetheless confronted queues at ATMs and difficulties in accessing money in early and late 2024.
Confronted with mounting public outcry, the CBN deployed a number of emergency measures to deal with the disaster.
Deposit Cash Banks had been directed to make sure constant ATM loading and rural money distribution, whereas the Financial institution additionally launched public hotlines for residents to report money shortage incidents.
Additionally, the CBN ramped up enforcement efforts, together with deploying monitoring groups, issuing sanctions towards non-compliant banks, and mandating improved money distribution.
