CBN Debunks Claims Nigeria Lacks Capacity to Print New Notes, Reveals Plans
- The Central Bank of Nigeria has labeled as false claims by some media reports that Nigeria has no capacity to print new naira notes
- Specifically, the bank said the claims attributed to the CBN governor, Godwin Emefiele were false and misleading
- The statement said the CBN is committed to printing both new and existing notes to meet the needs of Nigerians
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ click on “Recommended for you” and enjoy!
The Central Bank of Nigeria had debunked media reports that the Nigeria Security Printing and Minting Company lacks the capacity to print new naira notes.
The bank in a statement signed on Saturday, February 11, 2023 by its Director of Communications, Osita Nwanisiobi, and seen by Legit.ng, stated that the CBN governor, Godwin Emefiele was misquoted in the said reports.
Source: Getty Images
The bank also denied reports that it wants to close some deposit money banks in Nigeria over their inability to dispense new naira notes amid a cash crunch in the country.
The statement said:
PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!
“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.
Read also
Tension as protesters storm CBN over Emefiele's fresh comment on old naira notes, see Video
"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.
"Similarly, there is a misleading voice note trending in social media alleging that the CBN planned to shut down some banks, particularly in a particular geopolitical region."
The report, which appeared in print and online has got many Nigerians talking.
The Central Bank of Nigeria announces it spent N58.61billion to print 2.518 billion Naira notes in 2020
Legit.ng reported that the Central Bank of Nigeria (CBN) has revealed how it spent N58.618 billion to print 2.518 billion Naira notes in 2020 worth N1.06 trillion. CBN noted this in its 2020 Currency Report obtained from its website.
According to the report, the amount spent on printing was lower than the N75.5 billion and N64.0 billion spent on printing currency in 2019 and 2018 respectively.
The apex bank also put the total currency stock (issuable & non-issuable) in its vaults at the end of December 2020 at 2.747 billion pieces compared to 2.641 billion pieces in 2019.
Source: Legit.ng
