The Central Bank of Nigeria, CBN governor, Godwin Emefiele said the apex bank has issue with printing of more new naira notes amid scarcity of money and the widespread crisis attending it.
Emefiele reportedly pronounced this at the emergency meeting of the National Council of State held at the Villa on Friday.
Common report said the CBN governor attributed the challenges to alleged incapacity on the part of the
Nigerian Security Printing and Minting Plc to produce enough naira notes.
NSPM’s incapacity is born out of not having enough papers in its store, prompting management to turn to companies abroad in order to meet CBN’s request, according to Premium Times citing a source acquainted with the situation.
“The Mint has run out of papers to print N500 and 1,000 notes. They have placed orders with a German firm and De La Rue of the UK (for papers) but they have been placed on a long waiting list so their orders cannot be met now,” it quoted the source as saying.
The publication also laid bare of an CBN’s request that NSPM could not meet: The source said The Mint had received CBN’s request to print 70 million copies of the new notes, totalling N126 billion to be pumped into circulation by today, the source added, regretting, however, that the request could not be met because “The Mint doesn’t have the capacity.”
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