Mr. Godwin Emefiele, Governor of CBN

Printing money is about lending, responsibility in economy, says CBN

*The Central Bank of Nigeria has clarified that the concept of printing of money is about lending money, and that it is its job, saying it will be irresponsible for the CBN to stand idle and refuse to support the Federal Government at a time like this

Alexander Davis | ConsumerConnect

Perhaps in a veiled reference to Edo State Governor Godwin Obaseki’s earlier claim that the Federal Government printed N60billion to augment March allocation to states, the Central Bank of Nigeria (CBN) has said the concept of printing money is a cardinal job of the lenders.

Mr. Godwin Emefiele, Governor of CBN, who stated this Friday, April 16 via the official twitter account of the CBN @cenbank, said that printing money is about lending money.

Nigerian Naira Notes

Recall that Governor Obaseki last weekend purported that the Government printed N60billion to boost the March statutory allocations to the states of the Federation.

However, the Bankers’ Bank dismissed the allegation as “sad and untrue”, following reactions from some Nigerians over Obaseki’s claim.

“Rather than play the Ostrich, we urge the government to take urgent steps to end the current monetary rascality so as to prevent the prevailing economic challenge from degenerating further,” Obaseki also replied the Federal Government Thursday.

But, Emefiele stated Friday, that it would be irresponsible for any Central Bank to refuse to support its government when it is in need.

The CBN Chief said: “The concept of printing of money is about lending money and that is our job…. It will be irresponsible for the CBN or any Central Bank or Fed to stand idle and refuse to support its government at a time like this #Emefiele.”

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