NSPMC has capacity to meet Naira demand, says CBN

The Central Bank of Nigeria (CBN), has denied claims that the scarcity of the newly redesigned Naira notes was caused by shortage of printing materials.

Over the last couple of days, some news outlets had been reporting about the shortage of currency printing materials at the Nigeria Security Printing and Minting Company (NSPMC).

It was reported that the news outlets quoted the CBN governor, Mr Godwin Emefiele, as attributing the challenge in the distribution of the new notes to shortage of materials.

According to a statement by Osita Nwanisobi, CBN’s Director, Corporate Communications Department, at no time did Emefiele make such disclosure during his presentation to the National Council of States during its meeting on Friday.

“What the CBN governor told the meeting was that the NSPMC was working on printing denominations of the Naira to meet the transaction needs of Nigerians,” Nwanisobi said.

He expressed CBN’s appreciation to various stakeholders for the concern about their distribution of the Naira.

He, however, said that the apex bank was alarmed at the extent at which vested interests were attempting to manipulate facts and pit.