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

By Linda Ike

The Central Bank of Nigeria (CBN) has debunked false claims by some citizens about the capacity of the Nigerian Security Printing and Minting Company (NSPMC) PLC to print new naira notes.

CBN also refuted alleged threat to close some Deposit Money Banks across the country.

The Apex bank said it had been brought to its attention over a misleading report misquoting the Governor, Mr. Godwin Emefiele, as attributing the current challenge in the distribution of the newly redesigned naira bank notes to a shortage of printing materials at the Nigerian Security Printing and Minting Company Plc.

The Director, Corporate Communications of CBN, Mr. Osita Nwanisobi who stated this in a statement on February 10, 2023 stressed that at no time did the Governor disclose this during his presentation to the National Council of State at its meeting on Friday, February 10, 2023.

CBN explained that 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.

” 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” it stated.

The Bank appealed to the general public to disregard the said report
and exercise more restraint, even as it works assiduously to increase the
circulation of the new notes in the country.

Similarly, the Apex bank also urged Nigerians to shun 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.

It stated that there is no such plans, saying that the claims are illogical and do not comply with the workings of the Nigerian banking system.

CBN further urged the public to ignore such recordings as they do not represent the policy thrust of the bank and are only the desperate attempts of persons bent on inciting the public against CBN.