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Cash Scarcity: CBN clarifies NSPMC has capacity, resources to produce new Naira notes

Photo Collage of Mr. Godwin Emefiele Governor of CBN, and Bales of Redesigned Naira Notes

*The Central Bank of Nigeria restates the Nigerian Security Printing and Minting Company Plc (Mint) has the capacity and enough materials to produce new Naira notes for consumers in the West African country

Gbenga Kayode | ConsumerConnect

Contrary to the alleged shortage of required materials resulting in the current challenge in the circulation chain of the redesigned Naira notes, Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) has insisted that the Bank and the Nigerian Security Printing and Minting Company (NSPMC) Plc, have the capacity and enough materials to produce the new banknotes to consumer demands in the West African country.

ConsumerConnect reports the Bankers’ Bank, in a statement issued in Abuja, FCT, clarified that there is no shortage of printing materials at the Nigerian Security Printing and Minting Company (NSPMC), also known as the Mint.

The banking sector regulator noted it is rather working efficiently to boost the circulation of the redesigned Naira notes across the Nigerian Federation.

In regard to Emefiele’s recent address at the Council of State’s meeting Mr. Osita Nwanisobi, Director of Corporate Communications Department, in the statement said at no time did the CBN Governor, during his presentation to the Council disclose that the Mint lacks the capacity to print the required banknotes in the economy.

Nwanisobi said: “For the records, what Mr. Emefiele told the meeting (Council of State) was that the NSPMC was working on printing all denominations of the Naira to meet the transaction needs of Nigerians.”

The CBN also maintained that what Emefiele told the meeting was that the NSPMC was working on “printing all denominations of the Naira” to meet the transaction needs of Nigerian consumers

CBN committed to performing regulatory monetary policy functions -Director

The Central Bank of Nigeria also expressed its appreciation to all stakeholders over their concern about the distribution of the new Naira.

The CBN, however, noted it was alarmed at the extent to which certain vested interests were attempting to manipulate facts and pitch Nigerians against the banking regulator.

The Director of Corporate Communications further said: “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 intent of the Naira.”

The Bank, therefore, appealed to the Nigerian public to disregard the misleading report in some section of the media and exercise more restraint.

The CBN is working assiduously, to increase the circulation of the new banknotes in the country, stated Nwanisobi.

No plan to shut any banks, says CBN

In a related development on the Naira redesign policy, the CBN as well alerted consumers, that a misleading “voice note” trending in the social media, alleging that the CBN planned to shut down some banks, particularly in a particular geo-political region Nigeria, was untrue.

The Bank said: “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 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.”

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