We Lack Capacity To Print Enough New Notes – Emefiele

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We Lack Capacity To Print Enough New Notes – Emefiele

The Central Bank of Nigeria (CBN) governor has stated that the apex bank does not have the capacity to print enough new naira notes in the midst of the cash crisis afflicting the nation and the expectations of Nigerians that President Muhammadu Buhari would resolve the issue in seven days as promised.

According to insiders present at the meeting, Emefiele revealed the information on Friday when he informed the National Council of State’s emergency meeting.

The Nigerian Security Printing and Minting Plc (The Mint) has capacity issues, which prevent it from producing enough new notes to replace the outdated N200, N500, and N1,000 notes, Mr. Emefiele informed the leaders on Friday.

“The paper needed to produce N500 and N1,000 notes has ran out at the Mint. They have placed orders with a German company and with De La Rue in the UK (for documents), but because of the lengthy waiting list, their orders cannot be fulfilled at this time.

According to a source who spoke to PREMIUM TIMES, “The Mint had received CBN’s request to manufacture 70 million copies of the new notes, totaling N126 billion to be pushed into circulation by today (yesterday),” but the facility “doesn’t have the capability.”

At the meeting, Mr. Buhari was non-committal and hardly talked, the person continued. As the time for Muslims’ Jummah prayer approached, he exited the meeting, and his deputy, Vice President Yemi Osinbajo, took over.

The president would make a choice, according to Osinbajo.

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