CBN denies reports claiming Gov. Emefiele said the mint lacked paper to print new notes

Central Bank of Nigeria (CBN) has rejected claims that its Governor, Godwin Emefiele, stated that the present difficulty in distributing the newly redesigned naira banknotes is due to a scarcity of printing materials at the Nigerian Security Printing and Minting Company Plc.

According to several media reports, Emefiele mentioned this during his presentation to the National Council of State on Friday, February 10, 2023.

The apex bank stated that, contrary to circulating information, Emefiele told the Council meeting that the NSPMC was working on producing all denominations of the Naira to suit Nigerians’ transaction demands.

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A statement released by Osita Nwanisobi, Director, Corporate Communications of the CBN, reads in part;

“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.”

The central bank also responded to a false voice note that was spreading on social media, claiming that the CBN was about to close down several banks in a specific geographical zone 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,” the statement reads.