The Central Bank of Nigeria (CBN) spent a total of ₦464 billion on printing, distributing, processing and destroying worn-out naira notes in 2025, according to its latest report.
The figure represents a 94 per cent increase from the ₦238.6 billion recorded in 2024, making currency management one of the apex bank’s largest operational expenditures during the year.
The report also disclosed that the CBN and its subsidiaries incurred ₦416 billion in personnel-related expenses. 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 costs.
On the digital payments front, the bank reported a significant decline in losses from payment fraud, which fell to ₦25.85 billion in 2025 from ₦52.26 billion in 2024.
Despite the improvement, the CBN cautioned that Nigeria’s financial system remains exposed to cyber threats, systemic risks, the dominance of a few major payment service providers, and the activities of unlicensed operators.
The apex bank stressed the need for stronger cybersecurity measures, enhanced fraud detection systems, and closer collaboration among financial institutions to safeguard the country’s rapidly expanding digital payment ecosystem.
