Breaking: NSPM corroborates CBN's position, assures Nigerians on capacity to print redesigned Naira notes

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The Nigerian Security Printing and Minting Plc has dismissed some publications allegedly credited to the Governor of the Central Bank of Nigeria, CBN, of NSPM’s capacity to continue the production of the redesigned banknotes owing to supply chain constraints.

The NSPM, which insisted that the publications were untruth, said although the CBN has denied them, it “found it expedient to also add that contrary to the mischievous claim, De-La-Rue of the United does not produce nor supply paper substrate within the currency industry.”

In a statement signed by its Managing Director and CEO, Ahmed A. Haiku, the NSPM assured Nigerians that it “has made adequate arrangement to continuously to produce the redesigned banknotes as well as other denominations in line with the CBN indent for the year 2023.”
Earlier, the Central Bank of Nigeria debunked claims about the incapacity of the Nigerian Security Printing and Minting PLC.

The apex bank also denied claims that it plans to shut down commercial banks in a geo-political zone.

This was disclosed in a statement signed on Friday by CBN’s Director of Corporate Communications, Mr Osita Nwanisobi.

CBN said NSPM is experiencing insufficient printing materials, as alleged by a report making the rounds in the media.

It clarified that the CBN governor, Godwin Emefiele, told the National Council of State in a meeting in the presidential villa on Friday that NSPM was working assiduously on printing all denominations of the banknotes to ease the sufferings of Nigerians.

Also, the apex bank frowns at vested interests attempting to pitch the public against the Bank.

It assured the public that the Bank would continue to execute its constitutional mandate by ensuring the smooth nationwide circulation of the currency.

“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”.

“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”.