Home » Breaking: CBN Refutes Shortage of Printing Materials, Denies Plans to Close Banks

Breaking: CBN Refutes Shortage of Printing Materials, Denies Plans to Close Banks

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The Central Bank of Nigeria (CBN) has discredited recent reports regarding the Nigerian Security Printing and Minting PLC (NSPM) and commercial banks.

Central Bank of Nigeria

In a statement issued by the CBN’s Director of Corporate Communications, Mr. Osita Nwanisobi, on Friday, the apex bank debunked the claim that NSPM was facing a shortage of printing materials and denied the notion of shutting down commercial banks in a particular geographic region.

The CBN stated that NSPM is not facing any difficulties in printing banknotes and is working diligently to produce all denominations to alleviate the burden on the public. The bank also expressed disappointment over attempts by vested interests to spread false information and create mistrust between the bank and the public.

Finally, the CBN assured the public that it will continue to fulfill its constitutional obligation by maintaining the smooth circulation of currency throughout the country.

CBN Governor Godwin Emefiele reassured this in a meeting with the National Council of State held at the Presidential Villa on Friday.

“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”.

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