The Central Bank of Nigeria spent ₦315.18 billion on currency issue expenses in 2024, representing a sharp 306% increase from the ₦77.67 billion recorded in 2023, according to its audited financial statement for the year.

Currency issue expenses include the costs associated with printing, processing, distributing, and disposing of banknotes.

The latest figures show a sharp rise in the Central Bank of Nigeria’s cost of managing physical cash in 2024, amid ongoing cash shortages and disruptions in the money supply chain.

The spike in spending is linked to the lingering effects of the naira redesign policy introduced in late 2022.

Despite efforts to stabilize cash circulation in 2023, Nigerians continued to face ATM queues and cash access difficulties in early and late 2024.

In response to growing public outcry, the CBN implemented several emergency measures to tackle the crisis.

Despite efforts to stabilize cash circulation in 2023, Nigerians continued to experience ATM queues and challenges in accessing cash throughout early and late 2024.

In response to growing public outcry, the CBN implemented several emergency measures to mitigate the crisis.

Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.

Additionally, the CBN intensified enforcement efforts by deploying monitoring teams, imposing sanctions on non-compliant banks, and mandating better cash distribution practices.