CBN makes clarification on naira scarcity, banks 

The Central Bank of Nigeria (CBN) says its governor, Godwin Emefiele, was misquoted on printing of new bank notes.

A trending report had Emefiele saying that the CBN did not have the capacity to print sufficient bank notes, as tension is yet to douse over naira scarcity across the country.

But, in its rebuttal, the CBN rather said the Nigerian Security Printing and Minting Company (NSPMC) was well-equipped to do so.

Osita Nwasinobi, who speaks for the Apex Bank, spokesperson of the CBN, said the narrative is misleading.

He said, “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.”

Equally, the Bank denied a trending WhatsApp voice note saying it had decided to shut some banks.

“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 geopolitical region of the country,” the CBN said.

“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.”


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