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According to the data, CBN spent ₦ 238.65 billion to print, distribute, and dispose of currency records in 2024, up only from ₦ 1.11 billion in 2023. This unprecedented increase came in the midst of a broader financial shift in the Puncak Bank, with increased staff costs, fluctuating intervention programs.
Staff costs soared
CBN wage bills continue the track up. In 2024, salaries rose 18.3% to ₦ 55.62 billion, built an increase of 28.1% in 2023. Other staff costs and more than doubled allowances, jumped 141.5% to ₦ 498.5 billion – up from ₦ 206.4 billion previous years.
Forex income recovered, backup level
Foreign currency income is strong rebound to ₦ 145.13 billion in 2024 – the highest level in five years and an increase of 81% from 2023 ₦ 80.28 billion. Meanwhile, Nigerian external reserves are more than doubled from ₦ 29.98 trillion in 2023 to ₦ 54.73 trillion in 2024, signifying the increase in currency stability and potential inflows of oil exports and international loans.
Intervention and loan costs
Expenditures for intervention activities and anchor borrowing programs decreased significantly in 2024. Intervention costs plummeted 85.5% to ₦ 8.67 billion, while expenses under the Anchor Borrowers program fell to ₦ 311.90 billion, marking a sustainable trend from the peak 2021 ₦ 949.18 billion. CBN has now spent more than 2.74 trillion for the program for five years.
A large increase in the cost of publishing currencies prominently as the main anomaly in finance. Analysts tend to question what encourages sharp escalation in one year, whether due to the initiative of redesign, emergency printing, or inefficiency in procurement and logistics.
With the expenditure related to staff also increased sharply and intervention expenditure on the decline, the financial statements describe the picture of the central bank that shifted its priority, potentially reducing direct economic intervention while expanding administrative traces and operations. In 2024 audited financial statements, CBN reported profits after the N38.8 billion tax, rebounds from losses of N1.15 trillion recorded in the 2023 financial year.
