We’ve made adequate arrangement to continuously produce new notes

Our reporter| 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.

Following concerns over the scarcity of naira notes, the Central Bank of Nigeria (CBN) had earlier explained that 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, affirmed the position of the apex bank via a statement on Saturday.

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.”