NSPM’s Capacity To Print New Naira Notes Not In Doubt – CBN

• Describes contrary claims as absolute falsehood
• We’re more than capable – NSPM declares

BY EDMOND ODOK – The Central Bank of Nigeria (CBN) on Saturday declared that the capacity of Nigerian Security Printing and Minting Company (NSPMC) Plc to print the new Naira notes for circulation is not in doubt and described reports claiming the contrary as absolute falsehood.

Debunking reports in some media quoting its Governor, Godwin Emefiele, as claiming the NSPM lacks capacity to print adequate new Naira notes, the CBN fingered some vested interests for attempting to manipulate facts and pitch the public against it.

In a statement signed by its Director, Corporate Communications, Osita Nwanisobi, the apex Bank said at no time did the CBN Governor make such remarks during his presentation to the National Council of State meeting held on Friday, February 10, 2023.

According to the statement, the CBN’s attention has been drawn to a misleading report misquoting 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 (NSPMC) Plc.

The statement read thus; “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”.

Furthermore, the apex Bank Spokesperson said; “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,” it added.

NSPM Wades In, Insists We’re More Than Capable

Meanwhile, in a statement tagged; “NSPM DEBUNKS CLAIM OF LACK OF CAPACITY AND NON-AVAILABILITY OF BANKNOTE SUBSTRATE”, the Nigerian Security Printing and Minting (NSPM) Plc slammed mischievous elements for trying hard to dent its image.

The statement signed by its Managing Director and Chief Executive, Ahmed A. Halilu said in parts; “The attention of the Nigerian Security Printing and Minting (NSPM) Plc has been drawn to some publications allegedly credited to the Central Bank Governor about the capacity of NSPM to continue the production of redesigned banknotes owing to supply chain constraints.

“While the CBN has debunked the false claim, we also find it expedient to add that contrary to the mischievous claim, De-la-Rue of United Kingdom does not produce nor supply paper substrate within the currency industry.

“We wish to further assure Nigerians that NSPM has made adequate arrangement to continuously produce redesigned Banknotes as well as other denominations in line with the CBN indent for the year 2023.”

Recalled that reports had surfaced in some media outlets claiming that Emefiele admitted to former Nigerian leaders at the emergency meeting of the National Council of State on Friday that the NSPM lacks the capacity to adequately print the new Naira notes for distribution nationwide.

The said reports claimed Emefiele had told the leaders that the ‘The Mint’ suffers capacity constraints, resulting in the failure to print adequate new notes to replace the old N200, N500 and 1,000 notes.