CBN: NSPMC Has Capacity to Produce New Naira

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Friday insisted that the Nigerian Security Printing and Minting Company (NSPMC) Plc, has the  capacity and enough materials to produce the required indent of the Naira notes. 

The central bank also said that it was working assiduously to increase the circulation of the  newly redesigned naira notes across the country.

The bank’s assurances came against the backdrop of misleading reports which misquoted the CBN Governor, Mr. Godwin Emefiele as attributing the current challenge in the distribution of the newly redesigned naira notes to a shortage of printing materials at the NSPMC,  also known as the Mint.

 However,  CBN Director,  Corporate Communications Department,  Mr. Osita Nwanisobi, said at no time did the CBN governor,  during his presentation to the National Council of States, disclose that the Mint lacked the capacity to print the required banknotes.

He said, “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.”

Details later…..