CBN adamant on capacity to produce new naira
The Central Bank of Nigeria (CBN) has insisted that the Nigerian Security Printing and Minting Company (NSPMC) Plc, has the capacity and enough materials to produce the required indent of the naira notes.
The apex bank also said that it was working assiduously to increase the circulation of the newly redesigned naira notes across the country.
The bank said its governor, Godwin Emefiele, was misquoted as saying NSPMC lacks capacity.
CBN’s director of corporate communications department, Osita Nwanisobi, said at no time did the CBN governor, during his presentation to the National Council of States, disclose that the Mint lacked the capacity to print the required banknotes.
He 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,” the statement reads.
“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.”
Share your thoughts on the story CBN adamant on capacity to produce new naira with NigerianSketch in the comments section below.