Claims About Inability Of Nigerian Printing And Minting Company To Produce Redesigned Naira Notes False, Says CBN

The Central Bank of Nigeria on Saturday faulted claims published by a section of the media (NOT THE WHISTLER) that the Nigerian Security Printing and Minting Company lacks the capacity to print the redesigned Naira notes on large quantities.

The CBN faulted the reports in a statement issued by the Director, Corporate Communications Department, Mr Osita Nwanisobi.

The statement described as misleading the report which has claimed that the Governor, Mr. Godwin Emefiele, had while briefing tbe National Council of State attributed 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.

It 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.

“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.”

The statement also said that 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.”

In a related development, the statement also faulted a voice note trending on social media alleging that the CBN planned to shut down some banks, particularly in a particular geopolitical 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, ” it added.