Emefiele: CBN has the capacity to meet currency needs

Central Bank of Nigeria
The headquarters of the Nigerian central bank stands in Abuja, Nigeria, on Wednesday, Oct. 21, 2015.

The Central Bank of Nigeria has given assurance that it has the capacity and enough materials to produce the required indent of the Naira for all.

The apex bank appealed to the public to disregard any contrary report to the stand of the CBN, by exercising more restraint, as they work to increase the circulation of the new notes in the country.

This was to debunk claims which quoted the CBN govemor, Mr. Godwin Emefiele, as attributing the current challenge in the distribution of the newly redesigned Naira banknotes to shortage of printing materials at the Nigerian Security Printing and Minting Company Plc.

False and misleading

The CBN said the news was false and misleading.

In a statement issued on Saturday, CBN spokesman, Osita Nwasinobi, said at no time did the CBN governor made such statement during his presentation to the National Council of State at its meeting on Friday, February 10, 2023.

Mr Nwasinobi said Emefiele only told the meeting that the NSPMC was working on printing all denominations of the Naira to meet the transaction needs of Nigerians.

He said while the CBN appreciates the concerns shown by all stakeholders about the distribution of the new Naira notes, “we are alarmed at the extent to which vested interests are attempting to manipulate facts and pitch the public against the Bank.”

Nwasinobi said the CBN remained committed to performing its monetary policy functions, as stipulated in the CBN Act, 2007 (as amended).

No such plan

On a particular voice note trending on the social media alleging that the CBN planned to shut down some banks, particularly in a particular geopolitical region of the country, the CBN said there was no such plans.

The claims were said to be illogical and does nor comply with the workings of the Nigerian banking system.

Nigerians have been 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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