CBN debunks report of naira printing materials shortage at NSPMC

New naira notes

The Central Bank of Nigeria (CBN) has debunked reports that it lacks the ability to print more newly redesigned naira notes.

CBN director of corporate communications Osita Nwanisobi made this known in a statement released on Saturday.

“The attention of the Central Bank of Nigeria 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,” Mr Nwanisobi said.

He said that the CBN remained committed to performing its monetary policy functions, as stipulated in the CBN Act, 2007, as amended.

The apex bank’s spokesman restated that the NSPMC had the capacity and enough materials to produce the required indent of the Naira.

He appealed to Nigerians to disregard the said report and exercise more restraint, adding that the bank was working assiduously to increase the circulation of the new notes in the country.

He also refuted alleged voice notes trending on social media that the CBN planned to shut down some banks, particularly in a particular geo-political region of 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,” Nwanisobi said.