CBN denies claims that NSPMC cannot print more naira notes

By: Damian Okonkwo

The Central Bank of Nigeria (CBN) has dismissed claims that the Nigeria Security Printing and Minting Company (NSPMC) cannot print more naira notes. This clarification was made in response to recent reports that have been circulating in the media suggesting that the NSPMC is unable to increase the supply of naira notes, causing a shortage in circulation.

The CBN officially debunked this claim through an official release signed by its Director of Corporate Communications, Mr. Osita Nwanisobi, wherein it was made clear that the circulating news attributed to the CBN Governor, Godwin Emefiele claiming that the NSPMC has not enough capacity to print new Naira notes is a misleading claim which never came from him.

Here the report stated: “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”.

According to the CBN, the NSPMC has the necessary equipment and personnel to carry out its mandate of printing and minting currency for the country. The bank went on to say that the NSPMC has been consistently producing and circulating enough naira notes to meet the demands of the Nigerian economy.

The CBN also emphasized that the scarcity of naira notes in circulation is not a result of a shortage in supply, but rather due to the unequal distribution of currency across the country. The bank has been working on measures to improve the circulation and distribution of naira notes to ensure that every part of the country has an adequate supply.

In addition, the CBN stated that it is constantly monitoring the supply and demand for naira notes, and that it can print more notes when necessary. The bank assured the public that it will take the necessary steps to ensure that there is a continuous supply of naira notes to meet the needs of the Nigerian economy.

Finally, the report assured the masses that the CBN remains committed to performing its functions, as stated in the CBN Act, 2007; by ensuring that every part of Nigeria has an adequate supply of naira notes, and that the economy remains stable.