TheCable

The Nigerian Security Printing and Minting Plc (NSPM) says it has made adequate arrangements to ensure continuous production of the redesigned naira notes.

There have been concerns over the scarcity of naira notes, with protests held in parts of the country.

Reacting to the development, the Central Bank of Nigeria (CBN) had said the scarcity of naira notes is not due to a shortage of printing materials at the NSPM.

Ahmed Halilu, managing director/ chief executive officer (CEO) of the company, in a statement on Saturday, affirmed the position of the apex bank. 

The NSPM also dismissed the claim 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.

“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.” 

Meanwhile, information on the website of the British company, headquartered in Basingstoke, England, indicates that the firm “acts as an integrated provider of finished banknotes and a provider of polymer substrate and security features to central banks, state printing works, state paper mills and other commercial entities”.