The Central Bank of Nigeria (CBN) approved the printing of 5.71 billion banknotes in 2025, a 20.5 per cent increase from the 4.74 billion notes approved in 2024, as it moved to meet rising demand for cash across the country.
The figures are contained in the apex bank’s 2025 Annual Report and Statement of Accounts, which also showed that foreign printing firms handled the larger share of the production programme.
According to the report, the Nigerian Security Printing and Minting Plc (NSPM) was assigned to produce two billion banknotes, representing 35 per cent of the total order, while foreign High Security Printers (HSPs) received the remaining 65 per cent.
The increase in the number of banknotes approved highlights the CBN’s efforts to ensure there is enough cash in circulation even as it continues to encourage Nigerians to embrace electronic payments and other digital banking channels.
By the end of December 2025, the NSPM had delivered 1.24 billion banknotes valued at N368.83 billion, representing 62 per cent of its assigned production. However, it still had 760.76 million banknotes, or 38 per cent of its allocation, yet to be delivered.
Foreign printing companies completed the delivery of 2.21 billion banknotes in the N1,000, N500 and N200 denominations. However, an additional order for 1.5 billion banknotes awarded to foreign printers in November 2025 was still being produced as of December 31.
Overall, at least 3.45 billion banknotes had been delivered by the end of the year, representing about 60 per cent of the total volume approved by the CBN. The remaining banknotes were still awaiting delivery from both the local mint and the supplementary foreign printing contract.
The report shows that despite the rapid growth in digital banking, mobile transfers and electronic payments, Nigeria remains heavily dependent on cash for daily transactions. The expanded printing programme is expected to help replace worn-out banknotes, meet increased demand during festive periods and ensure banks have enough cash to serve customers nationwide.
Industry experts said the higher production reflects the need to maintain an adequate supply of legal tender in circulation while supporting the country’s growing economy. They also noted that the continued reliance on foreign printers shows that Nigeria still depends significantly on overseas capacity to meet its currency production needs.
The CBN did not disclose how much it spent on printing the banknotes or when the outstanding orders would be completed. However, the report indicates that the bank maintained an aggressive currency production programme throughout 2025, including approving additional printing orders towards the end of the year to improve cash availability.
Commenting on the bank’s performance, CBN Governor, Olayemi Cardoso, said the institution remained committed to keeping inflation under control, strengthening the financial system and ensuring exchange rate stability.
He said, “The Bank remained focused on curbing inflation, strengthening the financial sector, and stabilising the naira to firmly position the economy on a path toward sustainable growth.”
Cardoso added that two of the biggest achievements recorded by the CBN in 2025 were the stability of the foreign exchange market and the moderation in inflation.
According to him, “The progress reflected renewed confidence in the policy measures introduced to restore stability in the foreign exchange market and the effectiveness of the Bank’s monetary policy decisions.”
The CBN governor also expressed appreciation to President Bola Ahmed Tinubu, the National Assembly, members of the Federal Executive Council and the bank’s staff for supporting the reforms implemented during the year.
He said, “The Bank’s achievements in 2025 would not have been possible without the continued support of President Bola Ahmed Tinubu. This is much appreciated. I also thank the distinguished leadership and members of the National Assembly, Honourable Ministers of the Federal Republic, and the Presidency for their cooperation. I want to use this medium to commend the Board, Management, and staff of the Bank for their support, ingenuity, and diligent service, which contributed immensely to the various successes recorded by the Bank during the year.”
