The Central Bank of Nigeria disclosed that it spent ₦464 billion in 2025 on producing, moving, processing, and mopping up worn-out naira notes.
This represents a 94% rise compared to the ₦238.6 billion recorded in 2024. The sharp increase makes currency operations one of the CBN’s heaviest cost items for the year.Staff-related spending also formed a major part of the bank’s outlay. The CBN and its subsidiaries recorded ₦416 billion in personnel costs.
The breakdown includes ₦56.2 billion for salaries, ₦28.2 billion for defined benefit obligations, ₦226 billion for allowances, and ₦87.1 billion for other employee expenses.The report also highlighted progress in the digital space. Losses to electronic payment fraud fell to ₦25.85 billion in 2025, down from ₦52.26 billion the previous year.
However, the apex bank flagged ongoing threats to the financial system. It pointed to cyber risks, systemic vulnerabilities, the dominance of a few large payment firms, and unlicensed operators. The CBN said tackling these will require stronger cybersecurity frameworks, better fraud detection systems, and improved cooperation among financial institutions to safeguard Nigeria’s growing digital payments landscape.
