JUST IN: CBN Reacts To Reports Of Not Having Capacity, Materials To Print New Notes

JUST IN: CBN Reacts To Reports Of Not Having Capacity, Materials To Print New Notes

According to the Central Bank of Nigeria (CBN), the scarcity of naira notes is not due to a lack of printing materials.

The apex bank, through its spokesperson Osita Nwasinobi, denied reports that the Nigerian Security Printing and Minting PLC (NSPMC) is unable to print new naira notes.

The CBN described as misleading reports quoting CBN Governor Godwin Emefiele as saying the cash shortage is due to insufficient capacity to print notes that can meet demand.

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It was stated that the governor informed the Council of State that the NSPMC is working on printing all naira denominations to meet the transaction needs of Nigerians.

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The CBN also denied reports that it intends to close some banks in various parts of the country.

“While the CBN appreciates the concerns of 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.

“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 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.

“Similarly, there is a misleading voice note trending in social media alleging that the CBN planned to shut down some banks, particularly in a particular geopolitical region of the country,” the CBN said.

“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.”

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