The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has explained the reason for the reason for shortage of new naira notes in the Nigeria.
According to Emefiele, the apex bank does not have the capacity to print adequate new naira notes.
The CBN governor made the disclosure on Friday, February 10, when he briefed the emergency meeting of the National Council of State in Abuja.
According to him, the Nigerian Security Printing and Minting Plc (The Mint), suffers capacity constraints, resulting in the failure to print adequate new notes to replace the old N200, N500 and 1,000 notes.
“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.
“The Mint had received CBN’s request to print 70million copies of the new notes, totalling N126billion to be pumped into circulation by today (yesterday), The Mint doesn’t have the capacity,” a source said.