Nigeria, May 5 -- Nigeria's apex bank, the Central Bank of Nigeria (CBN), saw a dramatic spike in its currency management costs in 2024, spending a staggering N315.18 billion on issuing and managing cash-a more than 300% increase compared to N77.67 billion in 2023.

This surge, detailed in the CBN's latest audited financial report, highlights the economic toll of efforts to stabilise the country's monetary system following the naira redesign crisis.

The cost explosion wasn't limited to the core bank. At the Group level, expenses surged from just N1.11 billion in 2023 to N238.65 billion in 2024-a spike that underscores the scale of the CBN's intervention to keep Nigeria's cash ecosystem functioning.

Why Did Currency Management Costs Rise...