CBN has capacity to produce redesigned new naira notes
By Business AM
The Central Bank of Nigeria (CBN) says it has the capacity to produce the redesigned and new naira notes through its subsidiary, the Nigerian Security Printing and Minting Company (NSPMC) and roundly dismissed the claims making the rounds that the NSPMC lacks the ability to print the redesigned notes in large quantities.
The CBN faulted the reports in a statement dated February 10, 2023, and signed by Osita Nwanisobi, the director, corporate communications department.
The statement described as misleading, the report which claimed that Godwin Emefiele, the CBN governor had, while briefing the National Council of State, attributed the current challenge in the distribution of the newly redesigned naira banknotes to a shortage of printing materials.
“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 read in part.
The CBN reiterated its commitment to performing its monetary policy functions, as stipulated in the CBN Act, 2007, as amended. It also restated that the NSPMC has the capacity and enough materials to produce the required indent of the naira.
The CBN, therefore, appealed to the public to disregard the false allegations and exercise more restraint, even as it works assiduously to increase the circulation of the new notes in the country.
In a related development, the apex bank debunked a voice note trending on social media, alleging that the CBN planned to shut down some banks, particularly in a specific 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 statement added.
The CBN advised the public to ignore such recordings as they do not represent its policy thrust and are only the desperate attempts of persons bent on inciting the public against the apex bank.