Nigeria’s central bank assures The Gambia, NSPMC can print its local currency
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Governor Godwin Emefiele of the Central Bank of Nigeria (CBN) has revealed that the apex bank is willing to assist the Central Bank of the Gambia (CBG) to print its legal tender.
The pledge came following a two-day visit by a delegation from the Central Bank of Gambia, led by Buah Saidy, the bank governor.
The CBN chief’s statement was in response to the request by Governor Saidy for a possible partnership to tackle acute currency shortages among other challenges of currency management in the African country.
Saidy further informed Emefiele that it was expensive and unsustainable for the bank as they rely on its current currency printer, De La Rue of London, for its currency needs, and explained that it costs the bank about £70,000 to lift printed currencies from Sri Lanka to the Gambia.
Godwin Emefiele, in his response, assured Saidy that CBN has the extreme competitive advantage to undertake the currency printing for the Gambia and further added that the Nigerian Security Printing and Minting had a lot of idle capacity to satisfy the demand of the CBG.
“I note your point on currency management. The Nigerian mint was set up in the early 1960s and we’ve been producing our currency since the early 60s and we have a lot of idle capacity to ensure that instead of you going to Europe or other countries, you will be able to benefit from our ideas. Our colleagues will take you to the security printing facility. Our colleagues that came in from Liberia two months ago were fascinated by the kind of facilities we have at our security printing and minting facility and I am sure that you will also enjoy them,” he said.
“And I am sure they will follow you back to the Gambia to see how they can help you to structure your economic order quantities so we can also be of assistance in printing your currency. And I can assure you that we can be extremely competitive if only from the standpoint of logistics and freight from Europe but it’s just going to be a few hours from here to the Gambia and the rest of them,” he concluded.
The Gambian central bank chief explained that a major purpose of the visit was to benefit from the CBN’s vast experience in the successful regulation of the financial system and sought aid from the CBN in the areas of information technology, modernisation, cybersecurity, forex shipping and management, among others.
Emefiele, in his response, urged the bank to work with its parliament to create laws that would provide the independence needed.