We Never Said We Don’t Have Paper To Print New Notes-CBN Fires Back

The Central Bank Of Nigeria CBN,has responded to the news trending on social media that they do not have enough paper to print enough new naira notes.

Recall that there is a statement credited to the Godwin Emefiele the CBN governor that the CBN don’t have enough paper to print out new naira notes which has led to scarcity of the new naira notes in the country.

Debunking the rumour, the CBN Director Of Cooperate Communication, Mr Osita Nwanosobi said that the report was misleading as the CBN governor was misquoted in the said report.

According to him, what Emefiele said in the meeting was that the NSPMC was working on printing all denominations of the Naira to meet the transaction needs of Nigerians.

Mr Osita further stated that the CBN remains committed to performing its monetary policy functions, as stipulated in the CBN Act, 2007, as amended.

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He further restate that the NSPMC has the capacity and enough materials to produce the required indent of the Naira

The Statement Reads;

CBN Debunks False Claims About Capacity of NSPMC Plc, Alleged Threats To Close Some Deposit Money Banks

The attention of the Central Bank of Nigeria (CBN) has been drawn to a misleading report misquoting the Governor, Mr. Godwin Emefiele, as attributing the current challenge in the distribution of the newly redesigned naira banknotes to a shortage of printing materials at the Nigerian Security Printing and Minting Company Plc.

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.

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.

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 statement ended.

Also the CBN went further to debunk the rumour of a voice notes flying on social media that the CBN is about to shutdown some commercial banks across the country.

“Similarly, there is a misleading voice note trending in social media alleging that the CBN planned to shut down some banks, particularly in a particular geo- political region of the country.

“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.