. As Mint hints at continuous production of redesigned notes
The Central Bank of Nigeria (CBN), has said the Nigerian Security Printing and Minting Company (NSPMC) Plc is working on printing all denominations of the Naira to meet the transaction needs of Nigerians.
The CBN Governor, Godwin Emefiele, made the assertion following “a misleading report misquoting” him as attributing the current challenge in the distribution of the newly-redesigned naira banknotes to a shortage of printing materials at the Mint.
This is even as the NSPM says it has made adequate arrangements to ensure continuous production of the redesigned naira notes.
In a statement clarifying Emefiele’s comments on Friday, CBN’s Director, Corporate Communications, Osita Nwanisobi, said: “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.”
The apex bank also used the opportunity to debunk “a misleading voice note trending in social media alleging that the CBN planned to shut down some banks, particularly in a particular geopolitical region of the country.”
The statement continued; “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.”
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.
Continuous production
The NSPM, while assuring of its capacity to print all the new banknotes, also admitted that “There have been concerns over the scarcity of naira notes, with protests held in parts of the country.”
The Managing Director/Chief Executive Officer (CEO) of the NSPM, Ahmed Halilu, in a statement on Saturday, affirmed CBN’s assertion that the scarcity of naira notes is not due to a shortage of printing materials at the Mint.
He also dismissed the claim that United Kingdom-based, De-la-Rue will produce banknotes for Nigeria, saying the firm neither manufactures nor supplies paper substrate to the currency industry.
The statement reads: “The attention of the Nigerian Security Printing and Minting (NSPM) Plc has been drawn to some publications allegedly credited to the Central Bank Governor about the capacity of NSPM to continue the production of redesigned banknotes owing to supply chain constraints.
“While the CBN has debunked the false claim, we also find it expedient to add that contrary to the mischievous claim, De-la-Rue of the United Kingdom does not produce nor supply paper substrate within the currency industry.
“We wish to further assure Nigerians that NSPM has made adequate arrangements to continuously produce redesigned Banknotes as well as other denominations in line with the CBN indent for the year 2023.”
