The Central Bank of Nigeria (CBN) spent a staggering ₦315.18 billion on currency issue expenses in 2024, a dramatic 306% surge from the ₦77.67 billion recorded in 2023. The apex bank’s recently released audited financial statement for the year details this sharp increase.
Currency issue expenses encompass the costs associated with printing, processing, distributing, and disposing of Naira banknotes.
The significant rise underscores the growing financial burden of managing physical cash, as Nigeria continued to battle persistent cash shortages and instability within the money supply chain throughout the year.
The spike in expenditure coincided with the ongoing impact of the naira redesign policy launched in late 2022. Although authorities sought to stabilise currency circulation during 2023, many Nigerians still experienced long ATM queues and restricted cash access well into 2024.
In response to public frustration, the CBN introduced a series of emergency measures aimed at mitigating the crisis. These included mandating Deposit Money Banks to ensure consistent ATM cash loading and prioritising rural cash distribution.
The Bank also activated public hotlines to report instances of cash scarcity and stepped up regulatory enforcement. Monitoring teams were deployed nationwide, sanctions were imposed on non-compliant banks, and directives were issued to enhance cash availability across the country.
Despite the enormous costs, the CBN maintained that these interventions were necessary to restore confidence in Nigeria’s cash supply system.
