CBN has capacity to meet naira demands of Nigerians, says Emefiele

• Says No Plans To Shut Banks
• Lawyers File Fundamental Right Action Against Apex Bank Over Naira Crisis

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has insisted that the apex bank and the Nigerian Security Printing and Minting Company Plc (NSPMC) have the capacity to meet the currency needs of Nigerians.

Speaking through the bank’s Director, Corporate Communications, Osita Nwanisobi via a statement issued in Abuja yesterday, Emefiele denied ever saying in his presentation to the National Council of State at its meeting on Friday that the minting firm had material shortage.

The CBN maintained that what 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 said it appreciates the concerns shown by all stakeholders about the distribution of the Naira, it is however 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 statement said.

The bank appealed to the public to disregard the said report inn the media and exercise more restraint, even as the bank work assiduously to increase the circulation of the new notes in the country.

It also alerted that a misleading voice note trending in the social media, alleging that the CBN planned to shut down some banks, particularly in a particular geo-political region of the country, was untrue.

It added: “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 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.

Meanwhile, two public interest lawyers, Ayodele Ademiluyi Esq. and Aare Oladotun Hassan Esq. have instituted a fundamental rights action against the CBN as a result of the new naira notes crisis.

Joined in the action are the President of the Federal Republic of Nigeria, Attorney General of the Federation, Minister of Finance, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, the Central Bank of Nigeria and the National Assembly as respondents. 

The suit, marked FHC/ABJ/CS/183/2023 is seeking enforcement of fundamental rights to life, freedom of movement, right to own moveable and immoveable properties, which were brutally violated by the deadline set by the respondents, jointly and severally for 31st January, 2023. 

The suit is also seeking the removal of restriction of time for exchange of old naira notes with new notes based on Section 20(3) of the Central Bank of Nigeria Act, 2017. 

As at the time of filing this report, the matter was yet to be assigned.