The governor of the Central back of Nigeria CBN Godwin Emefiele, has said the bank does not have the capacity to print quantity of new naira notes.
Following the reports from Premium times, Emefiele made the disclosed this piece of information on Friday, February 10, when he briefed the emergency meeting of the National Council of State.
According to the report, Emefiele said 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.
In his words,
“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.
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 said.
