Media reports about a lack of capacity by the Nigerian Security Printing and Minting Company Plc to print enough of the redesigned Naira notes for circulation are false, the Central Bank of Nigeria (CBN) has said.
A section of the media on Friday quoted the apex bank’s governor, Godwin Emefiele as blaming the current crisis in the circulation of the redesigned Naira notes to supply constraints as a result of the limited printing capacity by the security printing and minting firm.
Some of the reports said the CBN governor admitted during his briefing to the emergency meeting of the National Council of State convened by President Muhammadu Buhari as tension continued to mount amid a scarcity of the new N200, N500, and N1000 banknotes.
But, the CBN spokesperson, Osita Nwanisobi dismissed the reports as false, describing them as misleading.
The statement by the CBN read:
“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.
“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.
“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.”
In a related development, Mr Nwanisobi drew attention to a trending voice note in social media he also described as misleading alleging that
the CBN was planning to shut down some banks, particularly in a particular geo-political 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 public is therefore advised 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”, Nwanisobi said.
