Hope For Old Naira Notes Dim As Mint MD Speaks

The Nigerian Security Printing and Minting Plc (NSPM) on Saturday said it has made adequate arrangements to ensure continuous production of the redesigned naira notes diminishing the prospects of a return to the use of the old notes.

GWG.ng reports that the scope for the utilisation of the old notes given by the Supreme Court is to end on Wednesday, February 15, 2023.

The case for the use of the old notes had been boosted by reports quoting Governor Godwin Emefiele of the Central Bank as saying that the Mint as the NSPMC is known is incapable of printing enough naira notes.

The CBN has, however, debunked the claims.

Further denying the claim of the lack of capacity of the Mint to produce the new naira notes, the NSPMC managing director, Ahmed Halilu also dismissed reports that De-la-Rue of the United Kingdom will produce banknotes for the country, adding the UK firm neither manufactures nor supplies paper substrate to the currency industry.

In a statement issued on Saturday, he said:

“The attention of the Nigerian Security Printing and Minting (NSPM) Plc has been drawn to some publications allegedly credited to the Central Bank Governor about the capacity of NSPM to continue the production of redesigned banknotes owing to supply chain constraints,” the statement reads.

“While the CBN has debunked the false claim, we also find it expedient to add that contrary to the mischievous claim, De-la-Rue of United Kingdom does not produce nor supply paper substrate within the currency industry.

“We wish to further assure Nigerians that NSPM has made adequate arrangement to continuously produce redesigned Banknotes as well as other denominations in line with the CBN indent for the year 2023.”

GWG.ng reports that the determination of the agencies to print more of the new naira notes could help squash agitation for the return of the old notes in some sections of the polity.

The council of state at its meeting on Friday had given its backing to the Federal Government’s naira redesign policy but at the same time called on the government to reinstate the old notes if it cannot print more of the new notes.

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