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Nairaland Forum / Nairaland / General / Business / CBN Fails To Print Lesser Naira Denominations In One Year (12474 Views)
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CBN Fails To Print Lesser Naira Denominations In One Year by Chukwu94: 7:07pm On Dec 30, 2016 |
The Central Bank of Nigeria has not printed small naira denominations for about a year now, causing the scarcity of the notes in the economy, the News Agency of Nigeria reports. Sources at the CBN hinted that for a year now, the apex bank had not awarded contracts for the printing of the notes such as N5, N10, N20 and N50, which was usually done abroad. NAN gathered that the recently printed notes in circulation, N200, N500 and N1,000, were produced by the Nigerian Security Printing and Minting Plc. The NSPM produces currency notes and coins for the CBN and a wide range of security documents for the federal, state and local government establishments, commercial banks and blue chip companies. According to the NSPM website, the company has the ability to print over 40 million notes weekly. However, the sources said the high cost of printing banknotes was the reason the apex bank did not give out contracts for their production. “The cost of printing N50 is almost the same as N1,000. Printing small denominations costs more than the value, and with the present economic situation, it makes sense to print higher notes, which can be done locally by the NSPM,” one of the sources explained. A worker at First Bank of Nigeria Limited told NAN that throughout the festive season, there were hardly smaller currency notes to give to customers. The worker, who spoke on the condition of anonymity, said, “We usually request for cash from the CBN through our Cash Management Centre, but recently, we have not been able to get mints of N100 and below. “We had N50 at one point but it wasn’t in the quantity we are used to getting. We have been telling our customers who call to request for mints that the smallest currencies they can get is N200.” A political economist, Mr. Jude Ndukwe, said the implication of the situation was that prices of goods were likely to increase since there were no smaller currencies in circulation. He said, “A bread seller is likely to increase the cost of bread from N350 to N400 simply because he does not want to deal with the difficult task of getting change. “The same goes for a bus conductor and so forth. This act alone is enough to add to the hardship of the average Nigerians; N10 or N50 may not mean anything to some, but it means a whole lot to millions of Nigerians living in poverty. So the government should do something about this.” But the Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, denied the allegation that the apex bank had not contracted the printing of smaller denomination currencies since 2015. He stated, “There is no scarcity of smaller denomination notes in the market. People are complaining because we did not make provision for mints to be supplied in smaller denominations during the festive season. “You see, people are fond of abusing these denominations by spraying them to be stepped on during weddings and other ceremonies. The abuse is even worse during the festive season; so, we decided to make scarce the denominations. But it’s not that we have not been printing them. “Yes, we haven’t printed abroad but we also print locally, which we have been doing.” When asked the last time Nigeria actually had the smaller denominations printed, Okoroafor promised to get the details. He reiterated that it was a crime to hawk or sell mint notes in the country, saying there was an enforcement committee comprising the CBN and the security agencies to check the menace and arrest culprits. Okorafor said that the CBN was collaborating with the police to ensure that Nigerian currencies were not abused. Copyright PUNCH. http://punchng.com/cbn-fails-print-small-naira-notes-one-year/ 1 Like |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by BlackDBagba: 7:11pm On Dec 30, 2016 |
Is someone trying to punish me? Why?? |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by Osezzua(m): 7:49pm On Dec 30, 2016 |
ok |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by RichYoungNigger(m): 7:02am On Dec 31, 2016 |
Wow I hope it gets worse 2 Likes |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by Agimor(m): 7:03am On Dec 31, 2016 |
Excessive printing of smaller denominations will lead to proliferation of the note and the end result is Zimbabwe dollar. 5 Likes |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by DirtyGold: 7:03am On Dec 31, 2016 |
What is the use of printing more of what has tiny value? When the naira rebounds in value, print more What's tha business? |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by veekid(m): 7:04am On Dec 31, 2016 |
And there is recession |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by akandry: 7:04am On Dec 31, 2016 |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by Youceee: 7:05am On Dec 31, 2016 |
Lol....naija I hail 2 Likes |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by dhardline(m): 7:06am On Dec 31, 2016 |
They are probably saving money to print 5000 naira notes for us. |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by leofab(f): 7:07am On Dec 31, 2016 |
So after all the honey moon stunt; the billionaire's son can't even come and confirm to Nigerians if Zara is still a virgin or not after all the support we accrued to them... it's none of my business though! 9 Likes 1 Share
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Re: CBN Fails To Print Lesser Naira Denominations In One Year by samiroyal: 7:07am On Dec 31, 2016 |
nawaooo! |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by Clone2020(m): 7:07am On Dec 31, 2016 |
If you are in the US or have relatives in the US trying to send money to naija, I will exchange the funds at 415/$, simply deposit into my US bank account and receive instant funding into your Nigerian account. Don't bother with western Union and co, they exchange at 375/$ with fees and the exchange rate drops to around 345/$. See my contact below. 4 Likes 1 Share |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by ammyluv2002(f): 7:08am On Dec 31, 2016 |
Smh |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by ExAngel007(f): 7:08am On Dec 31, 2016 |
ok |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by BekeeBuAgbara: 7:09am On Dec 31, 2016 |
RichYoungNigger:Amusu. 5 Likes |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by Sunnycliff(m): 7:09am On Dec 31, 2016 |
Smaller notes is used by the masses more in their minute transaction. This idea doesn't portray a nice decision for the country. No wonder #10, #20 items can hardly be seen or purchased in the market. All these increases inflation and inadvertently deepening our recession 7 Likes 1 Share |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by Nobody: 7:09am On Dec 31, 2016 |
v |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by jerryunit48: 7:10am On Dec 31, 2016 |
It is even worthless |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by mcgift(m): 7:11am On Dec 31, 2016 |
recession in CBN tho |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by Nobody: 7:11am On Dec 31, 2016 |
The way Buhari is running this country is sideways 1 Like
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Re: CBN Fails To Print Lesser Naira Denominations In One Year by seanswitch(m): 7:11am On Dec 31, 2016 |
THE REASON “The cost of printing N50 is almost the same as N1,000. Printing small denominations costs more than the value, and with the present economic situation, it makes sense to print higher notes, which can be done locally by the NSPM,” one of the sources explained." THE IMPLICATION implication of the situation was that prices of goods were likely to increase since there were no smaller currencies in circulation. He said, “A bread seller is likely to increase the cost of bread from N350 to N400 simply because he does not want to deal with the difficult task of getting change. “The same goes for a bus conductor and so forth. This act alone is enough to add to the hardship of the average Nigerians; N10 or N50 may not mean anything to some, but it means a whole lot to millions of Nigerians living in poverty. So the government should do something about this.” GOVERNMENT'S USUAL RESPONSE There is no scarcity of smaller denomination notes in the market. People are complaining because we did not make provision for mints to be supplied in smaller denominations during the festive season. “You see, people are fond of abusing these denominations by spraying them to be stepped on during weddings and other ceremonies. The abuse is even worse during the festive season; so, we decided to make scarce the denominations. But it’s not that we have not been printing them. “Yes, we haven’t printed abroad but we also print locally, which we have been doing.” 14 Likes |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by gbegudujo: 7:12am On Dec 31, 2016 |
When asked when was the. Last time it was printed" the guy made u turn sharply..and said will get details" If you can have info on the printing of other denominations then you must have on when last it was printed... Liar 8 Likes 1 Share |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by Smarte724(m): 7:13am On Dec 31, 2016 |
Isaac okorafor was asked when last did CBN print less denomination, he promise to get the detail first , Nigeria is really cursed , I agree that we re in a zoo 9 Likes |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by KayodeAjani: 7:13am On Dec 31, 2016 |
Pls print more money. |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by fulaniHERDSman(m): 7:13am On Dec 31, 2016 |
Snail government 1 Like 1 Share |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by sparog(m): 7:13am On Dec 31, 2016 |
So we also print Naira abroad......nawa ooo 2 Likes |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by Dindondin(m): 7:14am On Dec 31, 2016 |
RichYoungNigger:Are you normal? Are you well? O ya were ni? Won te were m'eba fun e ni? O n siwin ni? O fe si ere ni? Ori e buru ni? Won s'epe fun e ni? Last Bullet If you don't v answers to these questions, may you lack N50, N20 & N10 change in 2017. 5 Likes 1 Share |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by mcdokwe(m): 7:15am On Dec 31, 2016 |
CBN ayaf crash 1 Like |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by ifycelebrity(f): 7:15am On Dec 31, 2016 |
Bullhari will not even print the change he promised us for danfo. 5 Likes |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by mtprofessor5(m): 7:15am On Dec 31, 2016 |
(Inside my head) Since there is corruption is all parastastal own by the government....... There is corruption in Nigerian Security Printing and Minting Plc. So how far the guys that prints and steals 1000naira notes Oh Lord just 3 month internship is all I pray |
Re: CBN Fails To Print Lesser Naira Denominations In One Year by Generalkorex(m): 7:16am On Dec 31, 2016 |
No wonder |
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