We have capacity to print new naira notes, says CBN

• Says no plans to shut down any bank

The Central Bank of Nigeria (CBN) has denied media reports that it has no capacity to print sufficient new naira notes required to address the current scarcity challenge.

The CBN also debunked social media claims that it planned to shut down some banks in some parts of the country.

It stressed that the current scarcity of the new naira notes was not due to a shortage of printing materials at the Nigerian Security Printing and Minting Company (NSPMC).

Godwin Emefiele, CBN governor, had been quoted as saying there is a cash shortage because there is not enough capacity to print new naira notes to satisfy the demand.

Osita Nwasinobi, spokesperson for the CBN, in a statement on Friday, said the narrative is misleading.

He said Emefiele informed the council of state that the NSPMC was working to print all naira denominations to accommodate Nigerians’ transaction needs.

He added that the NSPMC has the capacity and enough materials to produce the required indent of the naira.

“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,” the statement read.

“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.”

The apex bank 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 geopolitical 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.”