CBN blows whooping sum of 40.3billion to produce new coins & Naira

It was gathered that Central Bank of Nigeria is to spend N40.3bn to produce its new coins and naira notes.

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Out of the amount, N11.8bn will be spent on the new N20, N10 and N5 coins. “The bank is spending over N40bn on the production of new coins and notes.” a member of the board of the CBN confided to news correspondents in Abuja at weekend.

The CBN had on Thursday announced a comprehensive review of the country’s currency while it introduced N5,000 note as the highest denomination and converted N5, N10 and N20 notes to coins.

The new coins will join the 50k, N1 and N2 coins already in existence but which Nigerians hardly use.

The CBN governor, Lamido Sanusi had stated last Thursday that the cost of the printing will be communicated at the end of the financial year. “The cost of printing the currency is publicly available information in the published account of the Central Bank of Nigeria and you will see the cost of printing the naira in our balance sheet at the end of the year.”

Now even Ghana currency (1cedi) has more value than our own currency; not to even compare it to 1Us dollar which can never happen.  my question is does this action make any sense? Are the government trying to act sensible or dumb wit their decisions? pls feel free to express your view.

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