Finance & EconomyNews

CBN Reacts to Claims About Capacity of NSPMC Plc, Alleged Threats to Close Some Deposit Money Banks

CBN has debunked   false claims about capacity of NSPMC Plc and alleged Threats to close some deposit money Banks.  According to the   Central Bank of Nigeria (CBN)   the report  which said the current challenge in the distribution of the newly redesigned naira banknotes was due  to a shortage of printing materials at the Nigerian Security Printing and Minting Company Plc. was a  misleading report  as it misquoted  the CBN  Governor, Mr. Godwin Emefiele    

Similarly, CBN  said  there  was  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.

“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 records, 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 declared .

In its report   the apex bank said while it  appreciated  the concerns shown by all stakeholders about the distribution of the Naira, it was equally  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,   appealed  to the public to disregard the said report and exercise more restraint, even as it  worked  assiduously to increase the circulation of the new notes in the country. 

“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. The public is therefore 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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