CBN Banknote Printing Approval Rises 20.5% to 5.71 Billion Notes

Central Bank of Nigeria (CBN) headquarters in Abuja.. Source: peeterv / Getty Images

The Central Bank of Nigeria authorized a total CBN banknote printing approval of 5.71 billion currency notes in 2025, marking a 20.5 percent increase from the 4.74 billion notes approved in 2024 to address escalating nationwide demands for physical cash.

According to figures published in the apex bank’s 2025 Annual Report and Statement of Accounts, international printing firms secured the vast majority of the production quota. 

The domestic printer, Nigerian Security Printing and Minting Plc (NSPM), was allocated two billion banknotes—representing 35 percent of the total volume—while foreign High Security Printers (HSPs) handled the remaining 65 percent.

Category / Detail	Allocation & Performance
Total Banknotes Approved	5.71 billion (20.5% YoY increase)
Local Mint Allocation (NSPM)	2.00 billion notes (35% of total order)
Foreign Printers Allocation (HSPs)	3.71 billion notes (65% of total order)
NSPM Delivered by Dec 2025	1.24 billion notes (valued at N368.83 billion)
Foreign Printers Delivered	2.21 billion notes (N1,000, N500, and N200 denominations)
Total Delivery Completion Rate	~60% (~3.45 billion notes delivered)

By the end of December 2025, NSPM had delivered 1.24 billion notes (62 percent of its commitment), leaving 760.76 million notes pending. 

Meanwhile, following the expanded CBN banknote printing approval, foreign printing companies delivered 2.21 billion high-denomination notes in N1,000, N500, and N200 values, though a supplementary order of 1.5 billion notes awarded late in the year remained in active production.

Despite rapid growth across electronic payment networks and digital banking infrastructure, the report highlights Nigeria's continued heavy reliance on cash for daily commercial transactions. 

Financial analysts noted that the substantial print order was necessary to replace soiled currency notes, support festive spending peaks, and maintain adequate liquidity across commercial banking halls.