• Latest
  • Trending
  • All
  • Business
  • Politics
CBN has capacity to print new notes, says  Director

CBN has capacity to print new notes, says Director

February 12, 2023
Rebirth of new Okigwe is possible, Eze Ohanwe charges elected political leaders

Rebirth of new Okigwe is possible, Eze Ohanwe charges elected political leaders

March 23, 2023
Festus Keyamo petitions DSS, requests Obi, Datti arrest

Festus Keyamo petitions DSS, requests Obi, Datti arrest

March 23, 2023
Indian court jails opposition leader Rahulf for two years over defamation

Indian court jails opposition leader Rahulf for two years over defamation

March 23, 2023
Ukraine says it’ll soon launch counterstrike on Russia

Ukraine says it’ll soon launch counterstrike on Russia

March 23, 2023
AMVCA awards nights holds May 20

AMVCA awards nights holds May 20

March 23, 2023
Omotola celebrates husband’s birthday,  27th wedding anniversary

Omotola celebrates husband’s birthday,  27th wedding anniversary

March 23, 2023
Swiatek injured,  pulls out of Miami Open tournament

Swiatek injured,  pulls out of Miami Open tournament

March 23, 2023
UNICEF says Nigeria may not achieve SDG on water by 2030

UNICEF says Nigeria may not achieve SDG on water by 2030

March 23, 2023
Nigeria needs to quadruple current investments to meet Water, Sanitation SDGs, says UNESCO

Nigeria needs to quadruple current investments to meet Water, Sanitation SDGs, says UNESCO

March 23, 2023
Breaking: Ekweremadu, wife convicted  of organ harvesting

Breaking: Ekweremadu, wife convicted  of organ harvesting

March 23, 2023
Igbos ‘ll never be marginalized under Tinubu – Muruako

Igbos ‘ll never be marginalized under Tinubu – Muruako

March 23, 2023
App has never shared US data with Chinese government – TikTok CEO

App has never shared US data with Chinese government – TikTok CEO

March 23, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, March 24, 2023
  • Login
News Hour
  • Breaking News
  • Business
  • Politics
  • Sports
  • Entertainment
  • Crime
  • Agriculture
  • Columns
  • Health
No Result
View All Result
News Hour
No Result
View All Result
  • Politics
  • Breaking News
  • Business
  • Sports
  • Entertainment
  • City Report
  • Agriculture
  • Crime
  • Health
  • Columns
Home Business

CBN has capacity to print new notes, says Director

by News hour
February 12, 2023
in Business
Reading Time: 2 mins read
0
CBN has capacity to print new notes, says  Director

The Central Bank of Nigeria has said it has the capacity to print the new naira notes.
A top banker had earlier told one of our correspondents on Friday that information available to him indicated that the Mint had succeeded in printing N500bn worth of the new N1,000, N500 and N200 notes and might not have the capacity to do more than that at the moment.
“Is it not obvious that the NSPMC does not have the capacity to print more than N500bn? With the Mint’s current capacity, to print N2tn will take about a year. Even the N500bn printed has been hijacked by politicians, especially governors. You heard one governor saying one of his colleagues was able to withdraw N500m.
“What the CBN is doing is to give us only 10 per cent of the worth of the old notes we deposit with it. For instance, if a bank takes N1bn to the CBN branch office in its area of operation, it will be given N100m new notes to distribute to its branches nationwide and load onto its ATMs,” the official who spoke on condition of anonymity said.
However, the Director of Corporate Communications, CBN, in a statement dated Friday, obtained Saturday, said such reports that may have been credited to Emefiele as well was misquoted.
He said Emefiele informed the council of state that the  the Nigerian Security Printing and Minting Company Plc was working to print all naira denominations to accommodate Nigerians’ transaction needs.
The attention of the CBN has been drawn to a misleading report misquoting the Governor, Godwin Emefiele, as attributing the current challenge in the distribution of the newly redesigned naira banknotes to a shortage of printing materials at the Nigerian Security Printing and Minting Company Plc,” the statement partly read
We wish to state categorically that at no time did the CBN Governor disclose this during his presentation to the National Council of State at its meeting on Friday, February 10, 2023,” the statement said.
“For the avoidance of doubt, the CBN remains committed to performing its monetary policy functions, as stipulated in the CBN Act, 2007, as amended. We also wish to restate that the NSPMC has the capacity and enough materials to produce the required indent of the naira,” he added.

News hour

News hour

  • Trending
  • Comments
  • Latest
Governing Council of Senator Ben Uwajumogu  College of Education appoints Chinyere Nwachukwu  As Acting Provost

Governing Council of Senator Ben Uwajumogu  College of Education appoints Chinyere Nwachukwu  As Acting Provost

July 29, 2022
Imo community sends SOS to Governor Uzodimma

Imo community sends SOS to Governor Uzodimma

August 22, 2022
2023: Peter Obi makes promises as he visits Mbaise nation

2023: Peter Obi makes promises as he visits Mbaise nation

February 18, 2023

Lady Gaga Pulled Off One of the Best Halftime Shows Ever

0

Barack Obama’s Now Mainly Focusing on Wearing This Casual Backwards Hat

0

Watch Justin Timberlake’s ‘Cry Me a River’ Come to Life in Mesmerizing Dance

0
Rebirth of new Okigwe is possible, Eze Ohanwe charges elected political leaders

Rebirth of new Okigwe is possible, Eze Ohanwe charges elected political leaders

March 23, 2023
Festus Keyamo petitions DSS, requests Obi, Datti arrest

Festus Keyamo petitions DSS, requests Obi, Datti arrest

March 23, 2023
Indian court jails opposition leader Rahulf for two years over defamation

Indian court jails opposition leader Rahulf for two years over defamation

March 23, 2023
News Hour

Copyright © 2021 News Hour

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Agriculture
  • Crime
  • Business
  • Sports
  • Politics
  • City Report
  • Health
  • Columns

Copyright © 2021 News Hour

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In