Nigeria's Central Bank relies on foreign printers for most of 2025 banknote output

The Central Bank of Nigeria approved the production of 5.71 billion banknotes in 2025, a 20.5 % rise from the previous year. Only 35 % of the order – about 2 billion notes – was allocated to the domestic Nigerian Security Printing and Minting Plc (NSPM). By year‑end the NSPM had delivered 1.24 billion notes, covering 62 % of its quota and leaving roughly 761 million notes undelivered. Foreign high‑security printers supplied the remaining 65 % of the total, producing 2.206 billion notes and handling an additional 1.5 billion‑note contract that was still in progress at December 2025. The reliance on overseas printers highlights capacity shortfalls at the national mint and raises concerns about foreign‑exchange usage, domestic job creation and economic sovereignty.