Amidst the cash squeeze threatening the paralyse the economy, the Central Bank of Nigeria (CBN) has assured that it is focused releasing more naira notes into circulation.
This was contained in a statement released on Friday by Director of Corporate Communications, CBN, Osita Nwanisobi indicated that the ugly situation was being addressed.
With segments of the media attributing capacity constraints to the Governor, CBN, Godwin Emefiele, Nwanisobi clarified that the governor was be misquoted.
According to him, Emefiele informed the Council of State that the Nigerian Security Printing and Minting Company Plc (NSPMC) was working to print all naira denominations to accommodate Nigerians’ transaction needs.
Nwanisobi stated, “The attention of the CBN has been drawn to a misleading report misquoting the Governor, 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 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.”
Biztellers had reported that apex bank was rationing the release of new notes to the Deposit Money Banks (DMBs) in the region of 7.5 percent.
Moneybags, including political actors, had also taken advantage of the porous financial system to capture or purchase the large chunk of the new notes released into circulation by the apex bank.