According to the Central Bank of Nigeria, the new naira notes can be printed.
The new N1,000, N500, and N200 notes were successfully printed by the Mint, according to information that a top banker earlier shared with one of our correspondents on Friday, and it’s possible that they won’t be able to print any more at this time.
“Is it not evident that the NSPMC cannot print more over N500 billion? It will take around a year to print N2tn at the Mint’s present capacity. Even the N500 billion that was printed was taken over by politicians, particularly governors. One governor was heard to mention that one of his colleagues was able to remove N500 million.
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“What the CBN is doing is to give us only 10 per cent of the worth of the old notes we deposit with it. For instance, if a bank takes N1bn to the CBN branch office in its area of operation, it will be given N100m new notes to distribute to its branches nationwide and load onto its ATMs,” the official who spoke on condition of anonymity said.
However, the spokesperson for the CBN, in a statement dated Friday, obtained Saturday, said such reports that may have been credited to Emefiele as well was misquoted.
He said Emefiele informed the council of state that the the Nigerian Security Printing and Minting Company Plc was working to print all naira denominations to accommodate Nigerians’ transaction needs.
“The attention of the 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,” the statement partly read.
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“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,” the statement 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 indent of the naira,” he added.
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