September 23, 2023

We Remain Committed To Performing Our monetary Policy Functions As Stipulated- CBN  

Following the recent protest and rumors that are going around concerning the central bank of Nigeria and her policy on the new Naira notes and other financial and economic issues, CBN to properly inform citizens published a press release titled” CBN Debunks False Claims About Capacity of NSPMC Plc, Alleged Threats To Close Some Deposit Money Banks “.


The press release reads,” The attention of the Central Bank of Nigeria (CBN) has been drawn to a misleading report misquoting the Governor, Mr. 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. 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.


“For the records, what Mr. Emefiele told the meeting was that the NSPMC was

working on printing all denominations of the Naira to meet the transaction needs

of Nigerians. While the CBN appreciates the concerns shown by all stakeholders about the distribution of the Naira, we are alarmed at the extent to which vested interests

are attempting to manipulate facts and pitch the public against the Bank.


“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.

The Bank, therefore, wishes to appeal to the public to disregard the said report

and exercise more restraint, even as we work assiduously to increase the circulation of the new notes in the country.


“Similarly, there is a misleading voice note trending in social media alleging that

the CBN planned to shut down some banks, particularly in a particular geopolitical region of the country We wish to state unequivocally that there is no such plan and that the claims are illogical and do not comply with the workings of the Nigerian banking system.


“The public is therefore advised to ignore such recordings, as they do

not represent the policy thrust of the CBN and are only the desperate attempts

of persons bent on inciting the public against the Bank.” The statement concludes.


The central bank continues in doing everything to ensure that normalcy returns to the financial situation of the country.

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