CBN: All Denominations Of Naira Being Printed To Meet Capacity

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CBN: All Denominations Of Naira Being Printed To Meet Capacity

The Central Bank of Nigeria can order the necessary amount of Naira notes from the Nigerian Security Printing and Minting Company (NSPMC) Plc, and…

The Central Bank of Nigeria (CBN) has stated that the Nigerian Security Printing and Minting Company (NSPMC) Plc has the ability to print the necessary quantity of the Naira notes.

This was said in a statement released on Saturday by Osita Nwanisobi, Director of Corporate Communications at the apex bank.

Nwanisobi added that the central bank was making every effort to spread the freshly redesigned naira notes throughout the nation.

This occurred in the wake of reports that the CBN Governor, Godwin Emefiele, blamed a lack of printing supplies at the NSPMC, better known as the Mint, for the current difficulty in the distribution of the freshly redesigned naira notes.

According to reports, Emefiele informed the leaders that the Nigerian Security Printing and Minting Plc (The Mint) was experiencing capacity issues, which prevented it from producing enough new notes to replace the outdated N200, N500, and 1,000 notes.

“The paper needed to produce N500 and N1,000 notes have run out at the Mint. They have placed orders with a German company and De La Rue in the UK (for papers), but due to a lengthy waiting list, their orders are currently unable to be fulfilled.

But according to Nwanisobi, the CBN governor never mentioned during his presentation to the National Council of States that the Mint was unable to create the necessary banknotes.

The statement reads, “The Central Bank of Nigeria (CBN) has been made aware of a false report misquoting the Governor, Mr. Godwin Emefiele, as attributing the current difficulty in the distribution of the recently redesigned naira banknotes to a shortage of printing materials at the Nigerian Security Printing and Minting Company Plc.

The CBN Governor never mentioned this during his presentation to the National Council of State at its meeting on February 10, 2023, we want to make that clear.

For the record, Mr. Emefiele stated at the meeting that the NSPMC was striving to print all Naira denominations to satisfy Nigerians’ transaction demands.

“The CBN acknowledges the concerns expressed by all parties over the distribution of the Naira, but we are disturbed at the extent to which special interests are attempting to distort the truth and turn the people against the Bank.

For the avoidance of doubt, the CBN continues to be committed to carrying out its monetary policy duties in accordance with the CBN Act, 2007, as amended. We would also like to reiterate that the NSPMC is capable of producing the necessary Naira indent and has access to the necessary materials.

As we diligently seek to expand the circulation of the new notes in the country, the Bank consequently wishes to appeal to the public to dismiss the abovementioned report and exercise more restraint.

“Similarly, a false voice note that is currently floating on social media claims that the CBN planned to close down some banks, especially in a specific geographic area of the nation.

“We want to make it clear that there is no such scheme and that the accusations are absurd and inconsistent with how the Nigerian banking sector operates. The public is therefore urged to disregard such recordings since they do not reflect the CBN’s policy objectives and are instead the last-ditch efforts of individuals determined to incite the public against the Bank, according to a portion of the statement.

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