Why We Can’t Print Enough New Naira Notes – Emefiele Speaks

Why We Can’t Print Enough New Naira Notes – Emefiele Speaks

The governor of the Central Bank of Nigeria (CBN) has stated that the apex bank does not have the capacity to print adequate new naira notes, despite the country’s cash crisis and Nigerians’ expectations that President Muhammadu Buhari would resolve the matter in seven days as promised.

According to sources who attended the emergency meeting, Emefiele made the disclosure on Friday when he briefed the National Council of State.

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Mr Emefiele informed the leaders on Friday that the Nigerian Security Printing and Minting Plc (The Mint) is experiencing capacity constraints, resulting in the inability to print enough new notes to replace the old N200, N500, and 1,000 notes.

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“The Mint has run out of papers to print N500 and 1,000 notes. They have placed orders with a German firm and De La Rue of the UK (for papers) but they have been placed on a long waiting list, so their orders cannot be met now.