CBN Debunks Misleading Report, Says NSPMC Has Capacity to Produce New Naira Banknotes

Contrary to a misleading report, the Central Bank of Nigeria (CBN) has clarified that the printing company has the capacity and enough materials to produce the required indent of the Naira banknotes.

According to the apex bank, the earlier report misquoted CBN Governor, Mr. Godwin Emefiele, as attributing the current challenge in the distribution of the redesigned naira banknotes to a shortage of printing materials at the Nigerian Security Printing and Minting Company (NSPMC) Plc.

The CBN’s position was further reinforced by the Managing Director/Chief Executive of NSPMC, Mr. Ahmed Halilu, who said adequate arrangements had been made to continuously produce the redesigned naira banknotes and other denominations in line with the CBN indent for 2023.

Halilu, in a statement issued yesterday, also clarified that contrary to mischievous claims, De-La-Rue of the United Kingdom does not produce or supply paper substrate within the currency industry.The central bank also said it is working assiduously to increase the circulation of the newly redesigned banknotes across the country.The apex bank has also insisted that the redesign of the naira notes was not targeted at any individual but was done in the overall interest of the country and the economy.

It also clarified that there were no plans to close down any bank in any part of the country.The CBN’s assurances came against the backdrop of a misleading report which misquoted Emefiele as attributing the naira banknotes to a shortage of printing materials at the NSPMC known as the Mint.

In a statement issued yesterday, the CBN Director in charge of the Corporate Communications Department, Mr. Osita Nwanisobi, stated that the CBN governor did not disclose during his presentation to the National Council of States that the Mint could not print the required banknotes.He said: “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.”

The central bank further appealed to the public to disregard the misleading report and exercise more restraint “even as we work assiduously to increase the circulation of the new notes in the country.”

Similarly, the CBN also raised the alarm over a misleading voice note trending in social media alleging that the CBN planned to shut down some banks, particularly in a particular geo-political region of the country.

Nwanisobi 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 apex bank said it remained committed to performing its monetary policy functions, as stipulated in the CBN Act, 2007, as amended.

The CBN, however, welcomed concerns shown by all stakeholders about the distribution of the Naira, stressing that “we are alarmed at the extent to which vested interests are attempting to manipulate facts and pitch the public against the bank.”

The apex bank advised well-meaning Nigerians to ignore such recordings as they did not represent its policy thrust, adding that such was part of the desperate attempts by some persons bent on inciting the public against the bank.

Emefiele had on Friday addressed the National Council of State (NCS) on efforts being made by the central bank to eliminate the challenges in the naira redesign policy.The NCS had tasked the apex bank to make the new Naira notes available or recirculate the old Naira notes to ease the current suffering of Nigerians