* Photo: Emefiele*
“The Nigerian Security Printing and Minting Company Plc (NSPMC) has the ability and resources to produce the necessary number of the new Naira notes”, the Central Bank of Nigeria (CBN) has said. The apex bank noted that the helmsman and governor, Godwin Emefiele, never made any claims to the contrary while making his presentation to the National Council of State.
The CBN also refuted the rumor that it planned to shut down some money deposit institutions in various areas of the country while assuring Nigerians that it would promote circulation of the new notes to all sections of the country.
In a statement that was signed by the CBN’s Corporate Communications Director, Osita Nwanisobi, the bank claimed that its attention had been drawn to a report that incorrectly cited its governor as attributing the current difficulty in the distribution of the newly redesigned naira banknotes to a shortage of printing materials at the Nigerian Security Printing and Minting Company Plc.
“For the record, Mr. Emefiele stated at the meeting that the NSPMC was striving to print all Naira denominations to satisfy Nigerians’ transaction demands.”
While thanking all parties involved for their concern on the distribution of the new notes, the apex bank stated that it was concerned about “the extent to which vested interests are attempting to manipulate facts and push the public against the bank.”
The statement which was released over the weekend reads thus,
“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.
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.
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 geo-political 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.”