We don’t have enough Paper to print Naira notes — CBN

Amidst the cash crisis bedeviling the country and the expectations of Nigerians that President Muhammadu  Buhari would resolve the matter in seven days as promised, the governor of the central bank of Nigeria (CBN), Godwin Emefiele, was alleged to have said that the apex bank does not have the capacity to print adequate new Naira notes.

Read also – Council of State Backs CBN New Naira Policy

Emefiele made the disclosure when he briefed the national council of state emergency meeting.

Emefiele allegedly said, that the Nigerian security printing and minting plc currently suffer capacity constraints, resulting in the failure to print adequate new notes to replace the old N200, N500, and N1,000 notes but a statement which appeared to have come from the central bank has denied the claims, saying that the central bank was working on getting the various denominations printed.

Meanwhile, the source added that Mr. Buhari was non-committal at the meeting and barely spoke. He left the meeting as the time for the Muslim’s Jummah prayer drew close and his deputy, Vice President Yemi Osinbajo, took over.

Osinbajo said the president would take a decision.

Meanwhile, seven days after President Muhammadu Buhari promised to address the cash crisis that hit the country following the naira redesign and old notes swap policy of the Central Bank of Nigeria (CBN), the new and old naira notes have remained elusive.