Finance

CBN debunks claims of shortage of printing materials, plans to shut down banks

Published

2 years ago

February 11, 2023

The Central Bank of Nigeria has 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 not 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”.