Central Bank of Nigeria says it has capacity, enough materials to print more new naira notes

As Nigerians continue to pay through their noses to purchase scarce naira notes in the country,  the Central Bank of Nigeria  has come out to say the scarcity of naira notes is not due to a shortage of printing materials at the Nigerian Security Printing and Minting Company (NSPMC).

Recall that the governor of the Central Bank of Nigeria, Godwin Emefiele, was, quoted to have said there is a cash shortage because there is not enough capacity to print new naira notes to satisfy the demand.

But in a swift reaction, spokesperson of the CBN, Osita Nwasinobi stated that the narrative is not true.

He said the apex bank governor nformed the council of state that the NSPMC was working to print all naira denominations to accommodate Nigerians’ transaction needs.

“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,” the statement reads.

“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.”