{"id":248305,"date":"2023-02-11T16:25:42","date_gmt":"2023-02-11T15:25:42","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=248305"},"modified":"2023-02-11T16:25:42","modified_gmt":"2023-02-11T15:25:42","slug":"just-in-cbn-debunks-claims-of-shortage-of-printing-materials-plans-to-shut-down-banks","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/02\/11\/just-in-cbn-debunks-claims-of-shortage-of-printing-materials-plans-to-shut-down-banks\/","title":{"rendered":"JUST IN: CBN debunks claims of shortage of printing materials, plans to shut down banks"},"content":{"rendered":"<p>The Central Bank of Nigeria has debunked the alleged threat to shut down some deposit banks over naira scarcity.<\/p>\n<p>The apex bank\u2019s Director, Corporate Communications, Osita Nwanisobi, in a statement, stated that there was no such plan, noting that the claims were illogical and did not comply with the workings of the Nigerian banking system.<\/p>\n<p>\u201cThe attention of the <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/02\/11\/reactions-as-shehu-sani-tells-cbn-to-allow-the-police-share-new-naira-notes-to-nigerians\/\">CBN<\/a> 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.<\/p>\n<p>\u201cWe 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.<\/p>\n<p>\u201cFor 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,\u201d he said.<\/p>\n<p>He noted that While the CBN appreciated the concerns shown by all stakeholders about the distribution of the naira, the Bank was alarmed at the extent to which vested interests were attempting to manipulate facts and pitch the public against it.<\/p>\n<p>He said the CBN remained committed to performing its monetary policy functions as stipulated in the CBN Act, 2007, as amended, adding the NSPMC had the capacity and enough materials to produce the required indent of the naira.<\/p>\n<p>The CBN thereby appealed to the public to disregard the said report and exercise more restraint, even as it works assiduously to increase the circulation of the new notes in the country.<\/p>\n<p>\u201cSimilarly, 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.<\/p>\n<p>\u201cWe 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.<\/p>\n<p>\u201cWe 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,\u201d the statement added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria has debunked the alleged threat to shut down some deposit banks over naira scarcity. The apex bank\u2019s Director, Corporate Communications, Osita Nwanisobi, in a statement, stated that there was no such plan, noting that the claims were illogical and did not comply with the workings of the Nigerian banking system. [&hellip;]<\/p>\n","protected":false},"author":43,"featured_media":248307,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"floatbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[5,2],"tags":[658,57128,30841,51001],"class_list":["post-248305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","category-national","tag-cbn","tag-deposit-banks","tag-director","tag-new-naira"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>JUST IN: CBN debunks claims of shortage of printing materials, plans to shut down banks<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2023\/02\/11\/just-in-cbn-debunks-claims-of-shortage-of-printing-materials-plans-to-shut-down-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JUST IN: CBN debunks claims of shortage of printing materials, plans to shut down banks\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria has debunked the alleged threat to shut down some deposit banks over naira scarcity. The apex bank\u2019s Director, Corporate\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2023\/02\/11\/just-in-cbn-debunks-claims-of-shortage-of-printing-materials-plans-to-shut-down-banks\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-11T15:25:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2023\/02\/abdullah\/2023\/02\/11\/Godwin-Emefiele.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"780\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"W.N YEMI\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" 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