The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said that the apex bank does not have the capacity to print adequate new naira notes.Information Guide Nigeria
He disclosed this on Friday, February 10th, when he briefed the emergency meeting of the National Council of State.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaSources who attended the meeting revealed that Emefiele told the leaders that the Nigerian Security Printing and Minting Plc (The Mint), suffers capacity constraints, resulting in the failure to print adequate new notes to replace the old N200, N500 and 1,000 notes.
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DAILY POST reports that Emefiele said, “The Mint has run out of papers to print N500 and 1,000 notes. They have placed orders with a German firm and De La Rue of the UK (for papers) but they have been placed on a long waiting list, so their orders cannot be met now.NYSC portal
“The Mint had received CBN’s request to print 70million copies of the new notes, totalling N126billion to be pumped into circulation by today (yesterday), The Mint doesn’t have the capacity,” a source told PREMIUM TIMES.
Meanwhile, President Muhammadu Buhari has promised to address the cash crisis following the naira redesign and old notes swap policy of the CBN, the new and old naira notes have remained elusive.JAMB Result
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