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The Central Bank of Nigeria (CBN) has denied claims that the scarcity of the newly redesigned Naira notes is caused by a shortage of printing materials.

Some news outlets had previously reported on the shortage of currency printing materials at the Nigeria Security Printing and Minting Company (NSPMC).

According to the News Agency of Nigeria (NAN), the news outlets quoted the CBN governor, Godwin Emefiele, as attributing the challenge in the distribution of the new notes to a shortage of materials.

A statement by Osita Nwanisobi, CBN’s Director of Corporate Communications Department debunked the rumour saying at no time did Emefiele make such disclosure during his presentation to the National Council of States during its meeting on Friday.

“What the CBN governor told the meeting was that the NSPMC was working on printing denominations of the Naira to meet the transaction needs of Nigerians,” Nwanisobi said.

He expressed CBN’s appreciation to various stakeholders for their concern about their distribution of the Naira.

Shortage Of Printing Materials Not Cause Of Cash Scarcity, Says CBN

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