Claims that there is lack of printing supplies and that banks may close are refuted by CBN

The Nigerian Central Bank has refuted assertions that the Nigerian Security Printing and Minting PLC is unable to function.

The top bank also rejected rumours that it intended to close down commercial banks in a particular geopolitical region.

Osita Nwanisobi, the director of corporate communications at CBN, revealed this in a statement that was published on Friday.

According to CBN, contrary to a media claim making the rounds, NSPM does not have a shortage of printing supplies.

It was made clear that the CBN governor, Godwin Emefiele, had informed the National Council of State during a meeting on Friday in the presidential residence that NSPM was assiduously working to print all denominations of the banknotes in order to alleviate the suffering of Nigerians.

The apex bank disapproves of attempts by special interests to turn the public against the Bank.

By assuring the seamless nationwide circulation of the money, it gave the public confidence that the Bank would continue to carry out its constitutional role.

For the benefit of the record, Mr. Emefiele stated during the meeting that the NSPMC was attempting to print all Naira denominations to satisfy Nigerians’ transactional requirements.

“While the CBN respects the worries expressed by all parties over the distribution of the Naira, we are disturbed at the extent to which vested interests are trying to twist the truth and turn the people against the Bank.”

“We want to say clearly that there is no such scheme, that the accusations are absurd, and that they are at odds with how the Nigerian banking system operates. Therefore, it is urged that the public ignore such recordings because they do not reflect the CBN’s policy objectives and are instead the last-ditch efforts of those determined to incite the public against the bank.