The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has revealed that the country has run out of paper to print more new naira notes.
The Governor disclosed this on Friday, February 10, when he briefed the emergency meeting of the National Council of State.
According to the reports, Emefiele said that the Nigerian Security Printing and Minting Pc (The Mint), suffers capacity constraints, resulting in the failure to print adequate new notes to replace the old N200, N500 and 1,000 notes.
“The Mint has run out of papers to print N500 and 1,000 notes. They have placed orders with a German firm and De La Rue of the UK (for papers) but they have been placed on a long waiting list, so their orders cannot be met now.
The Mint had received CBN’s request to print 70million copies of the new notes, totalling N126billion to be pumped into circulation by today (yesterday), The Mint doesn’t have the capacity,” a source said.
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