The Nigerian Security Printing and Minting Company (NSPMC) has assured Nigerians that it has made adequate arrangement to continuously produce the newly redesigned banknotes as well as other denominations in line with CBN indent for the year 2023.
According to a statement signed by Ahmed Halilu, managing director of NSPMC, it stated: “ The attention of the Nigerian Security Printing and Minting Company has been drawn to some publications allegedly credited tio the central bank of Nigeria CBN governor about the capacity of NSPMC to continue the production of the redesigned bank notes owning to supply constraints.”
“While the CBN has debunked the false claim, we also find expedient to add that contrary to the mischievous claim, De la Rue of the United Kingdom does not produce nor supply paper substrate within the currency industry,” it stated.
Earlier the CBN has debunked the false claim in a statement signed by its director of Corporate Communications, Osita Nwanisobi,
The Central Bank of Nigeria (CBN) debunked what it described as false claims about the capacity of the Nigeria Security Printing and Minting Company (NSPMC) that was attributed to it.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to a misleading report misquoting the Governor, 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.”
It stated that while the CBN appreciates the concerns shown by all stakeholders about the distribution of the Naira, it is 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.
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”
Olusola Bello
