The Central Bank of Nigeria (CBN) has disclosed that it allocated N96.46 billion to the production and circulation of fresh naira banknotes throughout 2022.

This financial detail emerged within the CBN's recently issued audited financial statement, encompassing the period that concluded on December 31, 2022.

The report expounded on the matter, noting that the term "currency issue expenses" pertains to costs incurred in conjunction with the printing, processing, distribution, and disposal of currency notes. Such costs are recorded at their respective incurred values.

In October of the same year, Godwin Emefiele, the then-suspended CBN governor, disclosed intentions to revamp the N200, N500, and N1,000 naira bills. He set a deadline of January 31, 2023, for citizens to exchange their older notes for the redesigned ones. Subsequently, the apex bank extended the deadline to February 10. Nonetheless, the availability of the new notes remained insufficient.

The resultant scarcity of the new currency led to nationwide protests as citizens expressed their discontent with the ensuing economic difficulties.

However, come March 2023, the Supreme Court nullified the naira redesign policy introduced by the CBN. The verdict dictated that the conventional N200, N500, and N1,000 notes would remain legally accepted as tender until December 31, 2023.