The reports that the Central Bank of Nigeria (CBN) does not have adequate materials to print the new naira notes have been refuted by the central bank’s Governor, Godwin Emefiele.
In the aftermath of the currency redesign strategy, the Central Bank of Nigeria (CBN) asserts that it would satisfy the nation’s cash demands and that it has the ability and resources to print new currency notes.
The CBN also denied rumours that it intended to close down several banks in the nation, claiming that such a plan does not exist and that the accusations are absurd and inconsistent with how the Nigerian financial system operates.
“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,” the Bank’s Director of Corporate Communications Osita Nwanisobi, said in a Saturday statement.
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“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.”
“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 statement further read.
“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.”
