Capacity to print new Naira notes: What our Governor told Council of States — CBN
The Central Bank of Nigeria has rev eased what its Governor, Godwin Emefiele, told the Council of States on the capacity of the Nigeria Security, Printing and Minting Company PLC to meet up with the demand for printing of new Naira notes.
The Council, made up of former leaders of the country, was convened by President Muhammadu Buhari on Friday.
Part of its discussions was the hardship being faced by Nigerians over the scarcity of new Naira notes.
The Director of Corporate Communications of the Central Bank of Nigeria, Osita Nwanisobi, gave an insight into what Emefiele told the Council, which also has too serving government officials, in a statement on Saturday.
Nwanisobi said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a misleading report misquoting the Governor, Mr. Godwin Emefiele, as attributing the current challenge in the distribution of the newly redesigned naira banknotes to a shortage of printing materials at the Nigerian Security Printing and Minting Company Plc.
“We wish to state categorically that at no time did the CBN Governor disclose this during his presentation to the National Council of State at its meeting on Friday, February 10, 2023.
“For the records, what Mr. Emefiele told the meeting was that the NSPMC was working on printing all denominations of the Naira to meet the transaction needs of Nigerians.
“While the CBN appreciates the concerns shown by all stakeholders about the distribution of the Naira, we are alarmed at the extent to which vested interests are attempting to manipulate facts and pitch the public against the Bank.
“For the avoidance of doubt, the CBN remains committed to performing its monetary policy functions, as stipulated in the CBN Act, 2007, as amended.
“We also wish to restate that the NSPMC has the capacity and enough materials to produce the required indent of the Naira.
“The Bank, therefore, wishes to appeal to the public to disregard the said report and exercise more restraint, even as we work assiduously to increase the circulation of the new notes in the country.
“We wish to state unequivocally that there is no such plan and that the claims are illogical and do not comply with the workings of the Nigerian banking system.
“The public is therefore advised to ignore such recordings as they do not represent the policy thrust of the CBN and are only the desperate attempts of persons bent on inciting the public against the Bank.”
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