Where do they print Nigeria currency? See, when I was in secondary school, my uncle once told me that Nigeria prints her money in America. I believed him because he was older, and back then, he had the kind of confidence that made you trust anything he said. It wasn’t until I got into university and started studying that I learned the real truth. Nigeria prints her own money right here in Nigeria. Not outside the country. Right here at home.
This made me proud. It also made me curious. Who prints it? Where is it done? How is it done? Why did we stop printing abroad? This is what this story is about.
Where Do They Print Nigeria Currency?
Nigeria prints its currency at the Nigerian Security Printing and Minting Plc. This company has two major sites, one in Abuja and the other in Lagos. The printing is supervised by the Central Bank of Nigeria. It is done inside secure buildings with high technology and strong safety systems. The notes are printed, checked, and sent out to banks across the country. Nigeria no longer sends its money to be printed in other countries. All the money used today is made in Nigeria.
What Is Nigeria’s Official Currency?
Nigeria uses the Naira as its official money. It is written as NGN or ₦. One Naira is divided into 100 smaller parts called Kobo. The Naira is the only money allowed by law in Nigeria. It is what people use daily to buy things, pay bills, and do business. The Central Bank of Nigeria, also known as the CBN, takes care of how the money is made and used in the country.
A Short History of the Naira
Before the Naira came into use, Nigeria used the British Pound. In 1973, the Naira replaced the Pound after Nigeria decided to use its own system. Since then, the look and feel of the Naira have changed many times. These changes help keep the money safe from people who try to copy it and also make it last longer.
In 2022, some of the higher notes like the 200, 500, and 1000 Naira were redesigned. The goal was to stop hoarding of money, improve safety, and reduce corruption. Many people found this change stressful at first, but it helped improve the cash system over time.
Who Prints Nigeria’s Currency?
The Nigerian Security Printing and Minting Plc, also called NSPM, is the place where Nigeria’s money is printed. This company is partly owned by the Nigerian government and works closely with the Central Bank. NSPM is responsible for printing both banknotes and coins.
The company was created in 1963 and is the only place allowed to make the country’s money. It also prints other items like stamps, certificates, and passports for the government.
Where Are the Printing Places Located?
NSPM has two printing sites in Nigeria. One is in Abuja, which is the capital of Nigeria. The other is in Lagos, which is the largest city in the country. Both places are kept under tight security and only a few trusted people are allowed inside.
The site in Abuja is newer and has more advanced equipment. It handles most of the work for the larger notes like the 500 and 1000 Naira. The Lagos site is older and still works on coins and smaller notes. Together, these two locations help keep the country supplied with cash.
Why Print Money in Nigeria?
Printing money inside the country gives Nigeria more control. It also saves money and protects the designs from being stolen. In the past, Nigeria used to print some of its notes in other countries like the United Kingdom. But now, all the printing is done at home. This change helps build trust and keeps everything more secure.
By printing money locally, the government also creates jobs for many Nigerians. This helps grow the economy and gives skilled workers a chance to use their talents.
What Is the Role of the Central Bank of Nigeria?
The Central Bank of Nigeria is in charge of the whole money system. It decides when new money should be printed and how much of it is needed. The bank checks how much cash is moving in the country and makes sure everything is going smoothly.
The Central Bank also watches out for fake money. It works with the printing company to add safety features to the notes and make sure they are hard to copy.
How Is Nigerian Money Printed?
Printing money is a long and careful job. It starts with a design that has to be approved by the Central Bank. After that, special paper or plastic material is prepared. Then, the printing machines add the different parts of the note one step at a time.
First, the background colors are printed. Then, security features like watermarks and threads are added. After that, the serial numbers are printed. Finally, the notes are dried, checked for mistakes, counted, and packed.
Every note goes through a check before it is released. Notes with errors are destroyed. Only the best ones are sent to banks for people to use.
What Materials Are Used?
Nigeria uses both paper and polymer to make its money. Polymer is a type of plastic that lasts longer than paper. It also resists water and is harder to tear. Some of the newer notes, especially smaller ones, are now made from polymer.
Polymer notes also help stop fake money. They are more difficult to copy and come with more safety features.
What Makes Nigerian Money Safe?
Every Nigerian note has special marks that help people tell if it is real or fake. These include:
Watermarks that can only be seen when you hold the note up to light
Security threads that shine under light
Color-changing ink
Special print that you can feel with your fingers
These features are checked by machines before the notes are sent out. If a note does not meet the standard, it is thrown away.
Has Nigeria Ever Printed Money Abroad?
Yes, in the early days, Nigeria sent some of its printing jobs to other countries. One of these countries was the United Kingdom. This was done when local printing was not enough to meet the demand.
But today, Nigeria prints all of its money at home. The equipment and staff have improved. So, there is no need to send jobs outside anymore.
What Is the Cost of Printing Money?
The actual cost to print money depends on the note’s design and safety features. Bigger notes cost more to make because they have more layers of protection. While the exact cost is not shared with the public, the Central Bank includes it in its yearly plans.
Printing in Nigeria costs less than printing abroad. This is another reason why the government keeps the work local.
What Happens to Old Notes?
When money becomes old, torn, or dirty, it is taken back to the Central Bank. There, it is removed from use. The old notes are shredded into small pieces and safely thrown away.
The Central Bank makes sure that only clean and good-looking notes are in circulation. This helps people trust and use the currency more often.
Where do they print Nigeria currency: Is New Money Printed?
New money is printed when old notes are removed or when there is more demand for cash. For example, during festivals or holidays, people withdraw more money. The Central Bank plans ahead and prints more notes when needed.
Also, if inflation makes prices go up, more money may be printed to help the economy. However, too much printing can also cause problems. So the Central Bank tries to keep things balanced.
Are Coins Still Used?
Yes, Nigeria still mints coins. The 1 Naira and 2 Naira coins are legal money, but they are not used much anymore. People tend to prefer paper notes. Still, the Mint in Lagos continues to make coins in case they are needed.
Do People Trust Nigeria’s Printed Money?
Most Nigerians trust the printed money, especially when it looks clean and is easy to check. However, during note changes or redesigns, there may be confusion. The Central Bank helps by giving clear information and running public education programs.
What Is Being Done About Fake Money?
The Central Bank works hard to stop fake notes. New designs often include better safety marks. Also, people are taught how to check their money. Banks and shops use machines to scan notes for fakes.
Anyone caught with fake notes is handed over to the police. This helps keep the money system safe for everyone.
What About Digital Money?
Nigeria now also has a digital currency called eNaira. This is like cash but used online. It is managed by the Central Bank and is safe for payments.
Even with this change, physical money is still very important. Many people live in places where internet service is poor or unavailable. So, printed money will continue to be used for a long time.
If you’re interested in how to get your National ID Card online for free, check out my guide on Where and How You Can Print National ID Card Online for Free.
Are There Plans for the Future?
In the future, Nigeria plans to make its printing process even better. The Mint may use more machines to do the work. This will make the process faster and safer. The goal is to keep Nigerian money clean, strong, and trusted by everyone.
The Central Bank is also looking at how to reduce the cost of printing and improve how money is shared across the country. It wants to make sure that everyone has access to cash when they need it.
FAQs
Where do they print Nigeria currency?
Nigeria’s currency is printed at two main facilities in Abuja and Lagos by the Nigerian Security Printing and Minting Plc (NSPM).
Is Nigeria’s currency printed abroad?
Not anymore. Though some printing was outsourced decades ago, all Naira is now printed locally in secure government facilities.
What role does the Central Bank of Nigeria play?
The CBN regulates, authorizes, and supervises the entire currency printing and distribution process.
Is it true Nigerian money is made of plastic?
Some denominations are printed on polymer, a form of plastic, which enhances durability and security.
Can the public visit the minting facility?
No, these are high-security zones not open to the general public to protect against theft and counterfeiting.
What happens to old Naira notes?
Old or damaged notes are collected, shredded, and disposed of under CBN supervision to prevent recirculation.
Last Words…Where do they print Nigeria currency?
Where Do They Print Nigeria Currency is a question many people ask. The Naira is an important part of Nigeria’s identity and economy. It is printed in special places in Abuja and Lagos by a company called NSPM. The Central Bank of Nigeria makes sure the money is printed safely, in the right amounts, and with good quality. Today, Nigeria prints all of its money at home, which helps protect it from problems and saves money for the country.
From design to delivery, every note goes through a long process. Special care is taken to make sure it is safe and useful. With better machines, skilled workers, and clear rules, Nigeria continues to print its money in a way that supports the country and its people.