The Central Bank of Nigeria (CBN) has refuted an allegation that the Nigerian Security Printing and Minting Company Plc has no capacity to print additional new naira notes in order to alleviate the current shortage of the naira in circulation.
The claim, which was ascribed to the CBN Governor, Godwin Emefiele, was inaccurate, according to a statement from the CBN written by its Director of Corporate Communications, Osita Nwanisobi. The CBN Governor was misconstrued, according to Nwanisobi.
In a statement released by the Director of Corporate on Saturday, 11 February 2023, he said:
“The attention of the Central Bank of Nigeria (CBN) has been drawn to a misleading report misquoting the Governor, Mr C, 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.”
He continued by saying that the CBN is still dedicated to carrying out its monetary policy duties in accordance with the CBN Act, 2007, as amended. Additionally, he reiterated that the NSPMC has the resources and capabilities to produce the requisite Naira indent.
“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,” he added.
Similar to this scenario, the CBN also refuted rumors that it had plans to close some banks, particularly in a specific geopolitical area of the nation.
“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,” the bank stated.
