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Cost of managing Naira drops to N35bn

13 February 2014, 12:09

Lagos - The Governor of the Central Bank of Nigeria (CBN), Malam Lamido Sanusi, has said the cost of managing the country’s currency dropped to N35 billion in 2013.

Sanusi, who stated this at the 30th anniversary celebration of Udo Udoma and Bello Osagie Barristers and Solicitors, said the cost dropped from the N49 billion spent in 2009.

He noted that the cost would further drop to N30 million in 2014.

The CBN governor said the bank had, since he assumed office in 2009, been spending less funds on the printing, transportation and management of the currency.

He attributed this to the adoption of "centralised cash module" by the bank.

Sanusi also said there might be another upward review of the Cash Reserve Requirement (CRR) on public sector deposits from the current 75 per cent to 100 per cent.

“The review can arise if the prevailing percentage by the Monetary Policy Committee (MPC), aimed at ensuring stability in the fiscal system, did not yield the expected result on the nation’s economy,’’ he said.

The CBN governor said further that the bank might also raise the CRR on private sector deposit from 12 percent to 15 percent.

He said this was because the biggest problem in the macro economy at the moment was the threat to the exchange rate.

Sanusi disclosed also that government’s daily spending had increased.

“The excess crude account has fallen from $11.5 billion (about N1.79 trillion) to $2.5 billion (about N390 billion) in one year,’’ he said.

The CBN governor also said there was the need for the country to ensure the stability of its currency.

He said it was necessary to block all leakages in the oil sector in order to build up the country’s external reserve.

“We are not working to have a strong or weak Naira, but we are only interested in having a stable currency that will encourage investment in the country,” Sanusi said.

-     NAN

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