Naira redesign: CBN refutes claims of NSPMC’s incapabilities, closure of banks

By Chioma Obinagwam

Nigeria’s apex monetary authority, the Central Bank of Nigeria (CBN), has debunked the news making rounds in a recording of the inability of the Nigerian Security Printing and Minting Company Plc (NSPMC) to print the newly redesigned naira notes owing to shortage of printing materials.

Confiance News gathered from a statement signed by the Director, Corporate Communications, Mr. Osita Nwanisobi on its official Twitter handle.

Nwanisobi advised the public 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.

‘‘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. 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, therefore, wishes to appeal to the public to disregard the said report and exercise more restraint, even as we work assiduously to increase the circulation of the new notes in the country. ’’

The Bank emphasized that it remains committed to performing its monetary policy functions, as stipulated in the CBN Act, 2007, as amended restating that the NSPMC has the capacity and enough materials to produce the required indent of the Naira.

Mr. Nwanisobi also referred to a misleading voice note trending in social media alleging that the CBN planned to shut down some banks in a particular geopolitical region of the country stating 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.

Confiance News recalls the news of the announcement of the initial deadline of January 31, 2023 for the submission of the old naira notes and the subsequent extension of the deadline to February 10, had caused much stir among Nigerians.

A development which has been hijacked by some factions to disinform the populace contrary to the intents of the CBN.