Reports say the Central Bank of Nigeria will spend 40.3 billion naira to produce its new coins and naira notes. Out of the amount, N11.8bn will be spent on the new N20, N10 and N5 coins.
The CBN had on Thursday announced a comprehensive review of the country’s currency.
It introduced N5,000 note as the highest denomination and converted N5, N10 and N20 notes to coins. Reports say the CBN, at its board meeting two months ago decided that most of the new notes and coins would be printed by the Nigerian Security Printing and Minting Company.