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In response to mounting pressure from citizens suffering from the scarcity of newly redesigned N1,000, N500 and N200 notes in circulation, the Central Bank of Nigeria is reportedly considering printing these denominations abroad.
The Nigerian Security Printing and Minting Plc, which has historically been responsible for the printing of naira notes, appears to lack the capacity to meet current demands.
This comes after advice from the National Council of State that more naira notes should be printed or re-circulated old notes that had been withdrawn, in order to ease tension among citizens.
Many believe that if contracted abroad, this process could be sped up significantly. According to a top banker familiar with this issue, only 10 per cent of replaced funds have been distributed in new notes as politicians have allegedly hijacked much of it.
Furthermore, despite CBN’s assurance that there are no issues with The Mint’s capacity to print more naira notes they may have little choice but to consider foreign contractors.
Efforts so far to get a response from them regarding these reports have proved unsuccessful however an anonymous official confirmed that it is not a problem at their end but rather part of their plan to encourage other forms of transactions besides cash.
If these reports are confirmed then this could lead the way for much needed cash flow into Nigeria’s economy.
This article was updated 1 month ago
