Why we can't print enough new notes to meet demands - CBN

The Central Bank of Nigeria (CBN) has cited the lack of capacity of the Nigerian Security Printing and Minting Plc (The Mint) to print adequate naira notes to replace the old N200, N500 and 1,000 denominations as the reasons for the currency crisis.

The CBN Governor, Godwin Emefiele, explained that the capacity constraints suffered by The Mint has truncated the apex bank's plan to inject enough new notes into the banking system.

According to reports, the CBN Governor stated this while addressing the emergency meeting of the National Council of State on Friday, February 10, 2023.

Recall that President Muhammadu Buhari had convened the the State Council meeting to discuss recent developments in the country including the threats posed by the inadequate supply of the redesigned notes.

Pulse reports that pockets of protest and other civil unrests have surfaced in different parts of the country over the inability of Nigerians to access their money in banks.

States like Ogun, Oyo, Edo, and Akwa Ibom, have witnessed series of protests which forced banks to shut down operations.

Three northern state governments have since dragged the Federal Government, through the CBN, to court over the February 10 deadline earlier set by the apex ban.

Meanwhile, a source told online platform, Premium Times, that the CBN had placed a request to The Mint to print 70 million copies of the new notes, totalling N126 billion.

The sum was expected to be pumped into circulation on Friday but according to the source, the request could not be met because, “The Mint doesn’t have the capacity.”

“The Mint has run out of papers to print N500 and 1,000 notes,” a source said, explaining the supply constraints The Minit faces.

“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,” the platform added.