Naira redesign: Nigerian security printing and minting company has capacity – CBN

The Central Bank of Nigeria (CBN) has debunked recent false claims on the capacity of Nigerian Security Printing and Minting Company Plc. (NSPMC) and alleged threat to close down some deposit money bank.

Specifically, the apex bank said the CBN Governor Godwin Emefiele did not make such statement while addressing National Council of State.

The apex bank also refuted alleged threat that it is making plans to close down some deposit money banks in the country.

In a statement signed by Director, Corporate Communications, department, CBN, Osita Nwanisobi, said, “The attention of the 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.”

The CBN said while it 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 and for the avoidance of doubt, the CBN remains committed to performing its monetary policy functions, as stipulated in the CBN Act, 2007, as amended.”

The CBN also restated that the NSPMC has the capacity and enough materials to produce the required indent of the Naira.

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