Nigerian Security Printing and Minting Plc, headed by Aisha Buhari’s elder brother, cannot print new naira notes.
To increase currency circulation, the Central Bank of Nigeria may yield to mounting pressure and contract the printing of the redesigned N1,000, N500, and N200 notes to foreign contractors in the coming days.
The Nigerian Security Printing and Minting Plc, which had been responsible for the printing of the naira, could not reportedly meet the demand for the new notes.
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The National Council of State advised the central bank to print more naira notes or recirculate the old notes, which it had withdrawn from circulation, to alleviate the pressure on helpless Nigerians who had been suffering from a shortage of the new notes.
A senior banker told one of our correspondents on Friday that, according to the information available to him, the Mint has successfully printed N500 billion worth of the new N1,000, N500, and N200 notes and may not have the capacity to print more at this time.
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The top banker, who spoke on condition of anonymity due to the sensitivity of the topic and because he was not authorized to speak publicly about it, stated, “It is evident that the printed note is insufficient.
CBN Governor Speaks on New Naira Notes Shortage
The CBN governor disclosed this information at a meeting of the National Council of State in Abuja on Friday.
“The Mint has run out of paper to print N500 and N1,000 banknotes,” a source said about the Minit’s supply constraints.
“They have placed paper orders with a German company and De La Rue of the United Kingdom, but due to a lengthy waiting list, their orders cannot be fulfilled at this time,”
Emefiele also bemoaned the activities of saboteurs in the banking sector, who, according to him, are hoarding the new notes.
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Many Nigerians criticized the currency swap policy and the shortage of new notes, which have hindered the ability of many cash-dependent citizens to conduct business, make payments, and enjoy certain services.
The chaotic rollout of the redesigned naira has left millions stranded.
In some cities, Nigerians are permitted to withdraw a maximum of 20,000 naira, but in many parts of the country, Automated Teller Machines (ATMs) do not dispense cash.
Customers’ preference for online transfers has overwhelmed the digital payments system, with transactions taking hours to complete or failing.
Nigerian Security Printing and Minting Plc Leadership
On September 1, 2022, President Muhammadu Buhari approved the appointment of Ahmed Halilu as the Managing Director of Nigerian Security Printing and Minting Company, NSPMC Plc.
Halilu, an elder brother of First Lady Aisha Buhari, is heading the company in an acting capacity following the resignation of Abbas Masanawa on May 16.
Duty of the Nigerian Security Printing and Minting Plc prints
The Nigerian Security Printing and Minting Plc prints some electoral materials for the Independent National Electoral Commission (INEC) in addition to banknotes and postal orders.
The company, also known as The MINT, was founded in 1963 by the Nigerian government in collaboration with De La Rue of the United Kingdom and falls under the supervision of the Central Bank of Nigeria.
It began full operation in 1965, producing currency notes and coins for the CBN in addition to a vast array of security documents for the government, commercial banks, and blue-chip companies, among others.
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