No plans to shut down banks over naira scarcity—CBN

As the new naira notes remain in short supply the Central Bank of Nigeria has shot down claims that it plans to close down banks hoarding the redesigned currency. The CBN director of corporate communications, Osita Nwanisobi said in a statement Saturday, that reports of it planning to shut down banks over the scarcity of the naira were misleading. He said: “The attention of the CBN has been drawn to a misleading report misquoting the Governor, 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 Emefiele told the meeting was that the NSPMC was working on printing all denominations of the naira to meet the transaction needs of Nigerians. “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 geo-political 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. “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.”