27/08/2012
It is the Good Morning Nigeria Show on 95.9 Cool FM Port Harcourt with Stretch and Joy.Following the announcement of impending currency change in the Nigeria market by the Central Bank of Nigeria (CBN) last Thursday, and the non-disclosure of the expenditure of the proposed monetary plan, a source has been quoted as saying the apex bank will spend 40.3 billion naira ($256 million) to produce the new currencies.According to The Punch, a member of the CBN board revealed to the paper that “The bank is spending over N40bn on the production of new coins and notes. The N40bn is the total sum for the production of the coins and the new notes.”Out of the amount, 11.8 billion naira ($75 million) will be spent on the new N20, N10 and N5 coins, the newspaper stated.The CBN governor, Lamido Sanusi had stated last Thursday that the cost of the printing will be communicated at the end of the financial year. “The cost of printing the currency is publicly available information in the published account of the Central Bank of Nigeria and you will see the cost of printing the naira in our balance sheet at the end of the year.”