CBN Debunks Claims on Dearth of Printing Materials for New Naira Notes

The Central Bank of Nigeria (CBN) has refuted claims that the current challenge in distributing the newly redesigned naira notes is due to a shortage of printing materials at the Nigerian Security Printing and Minting Company (NSPMC).

This is contained in a press statement signed by Osita Nwanisobi, the Director, Corporate Communications of the apex bank.

“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.

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“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,” the statement read.

Nwanisobi said Emefiele had only told the members of the Council of States on Friday that the NSPMC was working on printing all denominations of the naira to meet the transaction needs of Nigerians. 

“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 statement read further.

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Similarly, Nwanisobi, noted that the voice note trending on social media alleging that the CBN planned to shut down some banks is fake.

CBN, therefore, advised Nigerians 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. 

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