Naira crisis: CBN top officials meet on Monday

Oluwanifemi Ojo
Oluwanifemi Ojo
The Governor of Central Bank of Nigeria

The top officials of the  Central Bank of Nigeria are to meet on Monday over the redesigned naira notes crisis.

The aim of the meeting is to proffer solutions that will address the naira hardship.

The Punch reported that the meeting will review the advice offered by the National Council of State.

The Council suggested that CBN print more redesigned notes or redistribute the old notes initially withdrawn from circulation.

It was gathered that the meeting will hold at CBN headquarters in Abuja. Also, top executives will be present.

There is a likelihood of a new directive to the commercial banks regarding the acceptance of the old notes.

According to the report, a CBN official predicted that the apex bank’s decision may likely be based on the continuous use of the old notes.

The official noted that it is not feasible to print more Redesigned notes owing to logistics.

According to him, the Nigerian Security Printing and Minting Plc may not meet up because of its capacity.

Meanwhile, the organisation had printed N500bn worth of the new N1,000, N500 and N200 notes.

Following this, The Punch reported that the Central Bank of Nigeria was considering outsourcing printing outside the country.

It was however gathered that the CBN already retrieved around N2.1tn of the old notes from circulation.

The CBN official told The Punch that the Council of State’s recommendations would be carefully considered in light of the security implications of the notes’ continued scarcity, the cost of printing new notes while reissuing the old ones, and the implementation of the Supreme Court’s interim order that the old notes should be permitted to circulate alongside the new ones.

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