N150bn spent annually to maintain naira notes

Central Bank of Nigeria, CBN, Deputy Governor (Financial System Stability), Dr Kingsley Moghalu, says the apex bank spends about N150 billion annually to maintain the naira.

Moghalu, who disclosed this at a public forum in Lagos, said the amount was used to produce, store, transport, protect and destroy the naira notes every year.

He said the cashless policy, being promoted by the CBN, would offer opportunities to trace movement of funds.

Moghalu said investors’ fear about constant systemic crisis in the banking sector was responsible for inability of the troubled banks to resolve their crisis immediately.

He said the CBN should be allowed to sort out the problems associated with mergers and acquisitions in some these banks, adding that CBN was not interested in liquidating any bank.

The CBN deputy governor said that the mergers were still on track, adding the apex bank had made various options available to them.-vanguard

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