Naira note swap: CBN debunks reports on shortage of printing materials

The Central Bank of Nigeria (CBN) on Saturday debunked reports that Nigerian Security Printing and Minting Company Plc (NSPMC) is facing challenges with materials needed to print new naira notes.

The Director, Corporate Communications, CBN, Mr.  Osita Nwanisobi in a statement said the  report was attributed to the governor of the apex bank, Mr. Godwin Emefiele during the presentation to the National Council of State (NCS) at its meeting on Friday

According to him, at no time did the CBN Governor disclose during his presentation to the NCS that NSPMC had no paper to print the new Naira notes.

He stated that Emefiele had told the meeting 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.

“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,” he said.

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