Central Bank Of Nigeria Issues Press Statement On Naira Shortage, Banks

The Central Bank of Nigeria, CBN, has reacted to an alleged threat to close some depository banks, due to the scarcity of naira.

In a press statement signed by CBN’s Director of Corporate Communications, Osita Nwanisobi, it was revealed that there was no such plan.

The statement read: “A misleading report has been brought to the attention of the Central Bank of Nigeria (CBN) which erred in citing the Governor, Mr Godwin Emifiele as attributing the current challenge in distributing the newly redesigned naira notes to a shortage of printing materials at the Nigerian Security Printing and Mining Corporation.

“We want to categorically point out that at no time did the Governor of the CBN reveal this during his presentation before the National Council of State at its meeting on Friday, February 10, 2023.

For records, what Mr. Emefiele told the meeting is that the NSPMC has been working on printing all Naira denominations to cater to the transactional needs of Nigerians.

“While CBN understands the concerns expressed by all stakeholders regarding naira distribution, we are appalled by the extent to which vested interests are attempting to manipulate the facts and turn the public against the banks.

“For the avoidance of doubt, the CBN remains committed to fulfilling its monetary policy responsibilities under the CBN Act 2007, as amended.

We also wish to state that NSPMC has the capacity and sufficient material to produce the required Naira indent.

“Hence, the Bank wishes to appeal to the public to disregard the said report and exercise greater restraint, even as we are working diligently to increase the circulation of new notes in the country.

“Similarly, there is a misleading voice note on social media claiming that the CBN is planning to close some banks, especially in a certain geopolitical region of the country.

“We wish to state unequivocally that there is no such plan and that the allegations are illogical and inconsistent with the functioning of the Nigerian banking system.

The public is therefore advised to ignore such recordings as they do not represent the policy of the CBN and are only desperate attempts by those bent on inciting the public against the bank.

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