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CBN Debunks Scarcity of New Naira Notes being Linked to Printing Materials Shortage


February 13, 2023

The Central Bank of Nigeria (CBN), has denied claims that the scarcity of the newly redesigned Naira notes was caused by shortage of printing materials.

Over the last couple of days, some news outlets had been reporting about the shortage of currency printing materials at the Nigeria Security Printing and Minting Company, while erroneously quoting the CBN governor, Godwin Emefiele, as attributing this challenge to the distribution of the new notes.

However, Osita Nwanisobi, CBN’s Director, Corporate Communications Department, clarified that at no time did Emefiele make such disclosure during his presentation to the National Council of States last Friday, noting that the narrative were attempts by vested interests to manipulate facts and pitch the public against the apex bank.

Nwanisobi also debunked a misleading voice note on social media alleging that the CBN planned to shut down some Deposit Money Banks (DMBs), particularly in a certain geopolitical region of the country, and assured that the apex bank was working assiduously to increase the circulation of new notes in the country.