Naira Swap: Emefiele Speaks on CBN’s Capacity to Print New Notes, Reveals Fresh Position

Naira Swap: Emefiele Speaks on CBN’s Capacity to Print New Notes, Reveals Fresh Position

  • The governor of the Central Bank of Nigeria has finally spoken regarding the scarcity of the new naira notes
  • Godwin Emefiele disclosed in a recent meeting that the CBN does not have the capacity to print sufficient notes
  • Meanwhile, following the February 10th deadline, filling stations and most business outlets have started rejecting the old naira notes

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As naira scarcity bites harder, the governor of the Central Bank of Nigeria (CBN) has said the apex bank does not have the capacity to print adequate new naira notes.

Godwin Emefiele made the disclosure on Friday, February 10th, when he briefed the emergency meeting of the National Council of State, sources who attended the meeting told PREMIUM TIMES.

CBN, Godwin Emefiele, new naira notes, President Muhammadu Buhari
The Council of State met with Buhari on Friday and urged the CBN to make the new Naira notes available or recirculate the old Naira notes. Photo credit: Buhari Sallau
Source: Facebook

Emefiele laments

On Friday, 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, Daily Trust report added.

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“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 told PREMIUM TIMES.

Meanwhile, Buhari was non-committal at the meeting and barely spoke, the source added.

Interestingly, seven days after President Muhammadu Buhari promised to address the cash crisis that hit the country following the naira redesign and old notes swap policy of the CBN, the new and old naira notes have remained elusive.

“PoS Operators Are Now CBN": Nigerians React as Old Naira Notes Get Five Extra Days, Emefiele Remains Silent

Nigerians have reacted to the now-suspended deadline of February 10, 2023, and also the decision of the Federal Government (FG) to obey court orders.

The FG on Friday, February 10, 2023, promised that it will obey the Supreme Court order which suspends the CBN deadline and fixed February 15 for a hearing on the matter.

Attorney General of the Federation, Abubakar Malami, revealed this on Thursday while speaking with AriseTV.

Naira falls as expert predicts N1000 to one dollar rate

Meanwhile, in another report, Taiwo Oyedele provided insight into the benefits of CBN's decision to redesign the naira using a similar policy to the one used in India.

In its bid to promote a cashless economy, India is one of the countries that cashless economy, withdrew 1000 and 500 rupees from the economy.

Emefiele has consistently hinted that the decision to redesign the higher denomination of new naira notes is a global practice.


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