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News

NSPM Dispels Rumors of Supply Chain Constraints, Reassures Continuity of New Naira Notes Production

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: February 11, 2023
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The Nigerian Security Printing and Minting (NSPM) has dismissed recent reports suggesting the company is struggling to produce redesigned banknotes due to supply chain constraints.

According to the NSPM Managing Director, Ahmed A. Halilu, in a statement on Saturday reassured Nigerians that the company is fully equipped to continue the production of banknotes and other denominations of the naira currency.

The statement comes after recent reports claimed that the Central Bank Governor had raised concerns over NSPM’s ability to produce the redesigned banknotes, a claim that has since been debunked by the CBN.

“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.

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“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 arrangements to continuously produce redesigned banknotes as well as other denominations in line with the CBN indent for the year 2023.”

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ByMuhammad A. Aliyu
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Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
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