- The Central Bank of Nigeria (CBN) is on the verge of sealing a deal on minting currency for The Gambia
- This is as the governor of the Central Bank of the Gambia, Buah Saidy, submitted a proposal to that effect when he met with Nigeria's CBN governor, Godwin Emefiele
- Meanwhile, the Nigerian company in charge of printing currency has also said it's ready to take on the job when the deal is finalised
Daily Trust reported that the CBN governor, Godwin Emefiele, agreed to the currency minting proposal from the governor of the Central Bank of the Gambia, Buah Saidy, who led a delegation to visit him on Tuesday, June 15.
Legit.ng gathers that Emefiele said Nigeria has a lot of capacity in currency printing as the country has been minting since the 1960s.
He was quoted to have said:
"We are willing to assist in printing your currency. We can be extremely competitive in terms of cost."
The Gambia running low on currency
In his earlier remark, The Gambia's central bank governor said his country is running very low on currency and wants to learn how to manage the currency need annually by leveraging Nigeria’s wealth of knowledge and experience, Daily Times reported.
He said currently, they placed an order for two years currency minting deal abroad but they are considering also minting from Nigeria if Nigeria is willing.
Meanwhile, the Nigerian Security Printing and Minting Company Plc said it is ready if both parties finally come to a deal.
CBN extends naira for dollar promo
Meanwhile, the CBN has extended the Naira for Dollar Scheme as the federal government plans to attract more remittances through the official channel.
In March, the CBN had introduced the Naira for Dollar Scheme to redirect remittances that are outside the banking system.
Through commercial banks, the CBN was offering N5 for every dollar exchanged at the bank. The initiative was expected to mop up funds circulating outside the reach of the central bank, with a deadline date of May 8, 2021. However, the deadline has now been extended until further notice.