Nigerians React as CBN Discloses ₦464 Billion Spent on Printing and Destroying Naira Notes in 2025

• The CBN says it spent ₦464 billion on printing, distributing, processing and destroying naira notes in 2025, nearly double the amount spent in 2024.
• The report also revealed ₦416 billion in personnel costs and a sharp decline in digital payment fraud losses.

The Central Bank of Nigeria (CBN) spent ₦464 billion on printing, distributing, processing and destroying naira notes in 2025, according to its newly released annual report. The figure represents a 94 percent increase from the ₦238.6 billion recorded in 2024, making currency issuance one of the apex bank’s biggest operational expenses during the year.

The report also showed that the CBN and its subsidiaries spent ₦416 billion on personnel costs. This included ₦56.2 billion for salaries, ₦28.2 billion for defined benefit plans, ₦226 billion for staff allowances and ₦87.1 billion for other employee-related expenses.

Despite the increase in operational spending, the report revealed a positive development in Nigeria’s digital payment space. Losses linked to digital payment fraud dropped significantly from ₦52.26 billion in 2024 to ₦25.85 billion in 2025.

However, the apex bank warned that cyber threats, systemic risks, the dominance of a few major payment service providers and the activities of unlicensed operators remain major challenges to the country’s financial system.

The CBN stressed the need for stronger cybersecurity measures, improved fraud detection systems and closer collaboration among financial institutions to safeguard Nigeria’s rapidly growing digital payments ecosystem.

The report has since sparked reactions online, with many Nigerians expressing surprise at the cost of producing and managing the country’s currency.

Reacting to the report, @AsuquoDavid wrote, “So it cost money to print money.”

@HeartAnthony commented, “Only one Government agency, money that could have used in fixing one refinery.”

@AlbertGodswillTee asked, “How much they come print afterwards.”

Sharing a lighter reaction, @BhadaOlakunle wrote, “Na still money dem dey use take destroy money chaiii omooo.”

Others also expressed concern over the figures. @JecintaChukwu wrote, “God please help us your children 🙏🏽,” while @IkebuduChikeluwealth simply added, “May God help us.”