The Nigerian Security Printing and Minting Company Plc (NSPMC) has assured Nigerians that it is capable of continuously producing the redesigned naira notes.

The company in charge of printing and minting naira cleared the notion that there was inadequate materials to make more notes as it said the required arrangements have been made for new notes production in the country not abroad.

Investors King recalls that the Central Bank of Nigeria, CBN had also debunked the shortage of printing materials perception. It toted that the NSPMC has enough printing materials to produce the required indent of the Nigerian currency.

The managing director/ chief executive officer (CEO) of the NSPMC , Ahmed Halilu, in a statement on Saturday, reassured Nigerians of the company’s readiness to serve the people better by producing more new notes.

He dismissed the claim that the United Kingdom’s De-la-Rue Company produces naira notes for Nigeria, saying the firm does not supply or manufacture paper substrate to the nation’s mint.

The statement read, “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.

“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 the United Kingdom does not produce nor supply paper substrate within the currency industry.

“We wish to further assure Nigerians that NSPM has made adequate arrangements to continuously produce redesigned Banknotes as well as other denominations in line with the CBN indent for the year 2023.” 

Investors King reports that there have been records of protests and chaos across the country over scarcity of the redesigned naira notes and high charges by Point of Sales, POS operators. Nigerians demand for the prompt circulation of the new naira notes.