The Central Bank of Nigeria (CBN) has explained why it cannot print enough new naira notes to replace the old N200, N500, and 1,000 notes.
The CBN Governor, Godwin Emefiele, said that it cannot print adequate naira notes because the Nigerian Security Printing and Minting Plc (The Mint) is suffering from capacity constraints.
Emefiele stated this on Friday when he briefed the emergency meeting of the National Council of State.
President Muhammadu Buhari convened the meeting to discuss issues of national importance among which is the threats posed by the shortage of naira.
There are reports of social disobedience at many banks, a development forcing banks to shut down across the country.
According to Premium Times, a source said that the Mint had received CBN’s request to print 70 million copies of the new naira notes, totalling N126 billion to be pumped into circulation by today, the source added, regretting that 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.”