NAIRA SHORTAGE: WE DONT HAVE THE RESOURCES TO PRINT ADDITIONAL NOTES, ACCORDING TO CBN

The Nigerian Security Printing and Minting Company Plc (NSPMC) has the ability and resources to produce the necessary number of the new Naira notes, according to the Central Bank of Nigeria (CBN), who also noted that the company’s governor, Godwin Emefiele, never made any claims to the contrary while making his presentation to the National Council of State.

The apex bank refuted the rumor that it planned to shut down some money deposit institutions in various areas of the country while assuring Nigerians that it would promote circulation of the new notes to all sections of the country.

The CBN claimed that its attention had been drawn to a report that incorrectly cited its governor as attributing the current difficulty 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 was signed by the CBN’s Corporate Communications Director, Osita Nwanisobi, and it was released over the weekend.

The CBN Governor never mentioned this during his presentation to the National Council of State at its meeting on February 10, 2023, according to the bank’s news release.

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

While thanking all parties involved for their concern on the distribution of the new notes, the apex bank stated that it was concerned about “the extent to which vested interests are attempting to twist facts and push the people against the bank.”

For the avoidance of doubt, the CBN remains committed to carrying out its monetary policy duties in accordance with the terms of the CBN Act, 2007, as amended, the statement stated. 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 work diligently to enhance the circulation of the new notes in the nation, the bank consequently wishes to appeal to the public to dismiss the stated report and exercise more prudence.

The CBN responded to the reports that there was a plan to close some banks by saying, “We wish to emphasize clearly that there is no such plan and that the claims are nonsensical and do not accord with the workings of the Nigerian financial system.

The public is consequently encouraged to disregard such recordings since they do not reflect the CBN’s policy objectives and are instead the last-ditch efforts of those determined to incite the public against the bank.