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Where Is The 'naira' Note Printed? In Nigeria or Abroad? - Business - Nairaland

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Where Is The 'naira' Note Printed? In Nigeria or Abroad? by NwaNimo1(m): 5:09pm On May 26, 2012
. . . .He who controls the currency, controls the economy.

Who Really Controls Its Circulation?

Is the Naira note printed in Nigeria by a Nigerian company (CBN) or abroad by a foreign institution?
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by manny4life(m): 7:15pm On May 26, 2012
^^^

Really dude? undecided undecided undecided


1. He who controls the currency doesn't "really" control the economy. There's a whole lot more that controls the economy other than currency.

2. The CBN is the independent body/agency that controls the circulation of currency including bills and coins or other monetary instruments. The controls of circulation by the CBN can be controlled through the reserve requirement of banking banks.

3. IMO though, YES, by law, Naira is printed in Nigeria, in a highly armored, secured, AND undisclosed location. Although the materials used to print the currency may or not be imported but the actual printing is done in Nigeria. This is to preserve the secrecy shrouded behind the currency. Secrecy may include, materials used in the printing, the imprint machines used, color and material combination, money authorization, et al.

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Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by naptu2: 8:57pm On May 26, 2012
Nigerian Security Printing and Minting Company (The Mint) has produced naira notes for the Central Bank of Nigeria for ages. It is located on Ahmadu Bello Way, Victoria Island, Lagos (close to ADRAO).

http://www.mintnigeria.com/

The NSPMC has also, at various times, printed examination papers (JAMB, WAEC) and ballot papers.

However, sometime during the late 1990s/early 2000s, the CBN had naira notes printed outside the country.

The mint was "privatised" during the Obasanjo era. The CBN bought majority shares in the company.

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Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by naptu2: 9:02pm On May 26, 2012
Ah! Apparently I'm behind the times. They are now @ Abuja. 160, Samuel ladoke Akintola Boulevard,
PMB 144 Garki, Abuja,
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by Nobody: 9:14pm On May 26, 2012
You don buy armoured car with some artillery guns?
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by naptu2: 9:41pm On May 26, 2012
Naira notes and coins are printed/minted by the Nigerian Security Printing and Minting Plc (NSPM) Plc and other overseas printing/minting companies and issued by the Central Bank of Nigeria (CBN). At the currency printing works of the NSPM Plc, quality is meticulously controlled throughout every process of currency production. This guarantees that every note issued meets the required standard. The CBN maintains an office called Mint Inspectorate in the premises of the NSPM Plc to maintain security and quality of Naira notes and coins.

Currency is issued to deposit money banks through the branches of the CBN, and old notes retrieved through the same channel. Currency deposited in the CBN by the banks are processed and sorted to fit and unfit notes in line with the clean note policy. The clean notes are re-issued while the dirty notes are destroyed.

http://www.cenbank.org/currency/
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by NwaNimo1(m): 9:55pm On May 26, 2012
naptu2: Naira notes and coins are printed/minted by the Nigerian Security Printing and Minting Plc (NSPM) Plc and other overseas printing/minting companies and issued by the Central Bank of Nigeria (CBN). At the currency printing works of the NSPM Plc, quality is meticulously controlled throughout every process of currency production. This guarantees that every note issued meets the required standard. The CBN maintains an office called Mint Inspectorate in the premises of the NSPM Plc to maintain security and quality of Naira notes and coins.

Currency is issued to deposit money banks through the branches of the CBN, and old notes retrieved through the same channel. Currency deposited in the CBN by the banks are processed and sorted to fit and unfit notes in line with the clean note policy. The clean notes are re-issued while the dirty notes are destroyed.

http://www.cenbank.org/currency/

Thanks for that - a nice comprehensive answer for once.

Can you tell me who owns (major shareholders) the "Nigerian Security Printing and Minting Plc"?
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by naptu2: 5:55am On May 27, 2012
Nwa_Nimo:

Thanks for that - a nice comprehensive answer for once.

Can you tell me who owns (major shareholders) the "Nigerian Security Printing and Minting Plc"?

The Mint was established in 1963 by the government of the Federal Republic of Nigeria in partnership with De La Rue of the U.K.

It was "privatised" during the Obasanjo era (privatised in quotation marks because, although the Federal Government sold its shares, The Mint is still indirectly owned by the Federal Government).

The Federal Government of Nigeria owns majority shares in the Nigerian Security Printing and Minting PLC as reflected in the following ownership structure of the company.

CBN 77%

BPE 20.06%

De La Rue 2.94%

MANAGEMENT AND ORGANISATION

The Board of Directors is responsible for the company’s strategic policy decisions, while a highly experienced crop of five Management team (One MD/CE and four Executive Directors) run its day to day affairs. These are:

Board of Directors

Mallam Sanusi Lamido Sanusi (Chairman)
Mr Tunde Lemo
Dr. Christopher U. Anyanwu
Professor S. O. Olofin
Malam Dahiru Muhammad
Professor Emmanuel C. Edozien
Chief E. F. Oke
Alhaji Suleiman Barau
Mr Ehi E. Okoyomon (Managing Director/Chief Executive)


http://www.mintnigeria.com/structure.htm
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by naptu2: 6:09am On May 27, 2012
Anecdotes from someone that worked @ the Mint in the 1980s (I don't know if this is true, but this is what he told me).

1) They are searched before they leave the office (patted down, but may include strip search).


2) There was a day that a small sum of money was missing (I can't remember, but I think it was a few one naira notes). They were detained over night.


I remember that, back in the 1980s, a team of mobile policemen, complete with saxon armoured car and landrovers, guarded the mint.
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by naptu2: 6:14am On May 27, 2012
Management Team


Mr Emmanuel Ehidiamhen Okoyomon
Managing Director and Chief Executive

 


Mr Mohammed G.Umar
Executive Director (Technical Services)


Mr Ibrahim M. Babayo
Executive Director (Finance & Strategy/Chief Financial Officer)

 

 
 


Mr Ahmed Nuhu Bamalli
Executive Director (Corporate Services)


Mr Desmond I. Isibor
Executive Director (Operations)

 

 

PRODUCTION FACILITIES





The company has its headquarters in Abuja. It has two ultra-modern factory complexes in Abuja and Lagos with adequate capacity and technologically up-to-date machinery.

The two broad divisions under which production is carried out are the Currency Division and the Security Documents Division.

Currency Division

The banknotes production facilities consist of the most up-to-date machines available in the industry. Our high-tech electronically controlled machines, sophisticated inks and highly skilled personnel all go to show that we keep pace with the most current trend in the industry world-wide. To support our operations and satisfy our clients’ individual demands, The MINT manufactures its offset and intaglio printing plates here in Nigeria while the sophisticated production machines and key raw materials are imported from diversified but highly reliable dealers overseas.

Security Documents Division

The production process in the security document division usually starts with the highly skilled and innovative graphic artists who are not only fully conversant with the latest techniques and materials to counteract forgery and adulteration, but are aware of the current capabilities of criminals. This knowledge combinedwith information on the latest international counterfeiting methods enable our designers to continually upgrade the security features and materials to ensure that our products are constantly ahead of potential counterfeiters. The company uses modern local letter-assembly facilities to add the require text matter to these designs.

The resultant designs are then produced on a variety of sheet-fed wet or dry to four colours at once with the capability of printing on both the front and the back of the sheet simultaneously.

The numbering of the documents which in itself is a complex operation, involving the need for absolute accuracy, is available in a variety of styles.

Finishing is carried out in controlled conditions in line with the importance The MINT attaches to the security and integrity of its products.

SUBSIDIARIES


As part of the expansion strategy, the need to source its raw materials locally as a logical first step. It accordingly embarked on the establishment of two companies in partnership with selected technical partners for the production of security inks and papers in Nigeria. The Tawada Ltd., Abuja, one of the two companies has since commenced production of high quality security inks.

The MINT, in 1988, also acquired a majority interest in Pacific Printers Nigeria Ltd. (PPNL) a company that has been engaged in commercial printing since 1935. The acquisition was aimed at complementing the capacity of the company in the production of non-security printed materials.

TOTAL SECURITY


Security is the company’s principal asset and therefore, forms the cornerstone of its operations. In recognition of this overwhelming importance of security, the company has continually refined its security requirements for product features, procedures, skills, personnel training and orientation. Security features of banknotes, cheques, drafts and other security documents are periodically updated to impede counterfeiting and forgery. To further enhance the security facilities, the company has an in-house forgery detection unit.

The in-house administration of security of the premises and products is equally detailed, strict and total.
Both physical and Materials’ security of the premises is ensured through the use of the most up-to-date electronic surveillance equipment, supported by adequate and well-trained security staff.

Materials Security safeguards the security of all products through every stage of manufacture. Work is counted in and out of departments by a combination of machines and manual checking. Accountability is total. Waste generated during production is sent to a centralized section where it is kept under strict security condition until the order is completed and a balance struck.
Such waste is destroyed and representatives of government, banks and other customers are free to attend the destruction of waste materials if they so wish.
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by Beaf: 6:32am On May 27, 2012
naptu2: Anecdotes from someone that worked @ the Mint in the 1980s (I don't know if this is true, but this is what he told me).

1) They are searched before they leave the office (patted down, but may include strip search).


2) There was a day that a small sum of money was missing (I can't remember, but I think it was a few one naira notes). They were detained over night.


I remember that, back in the 1980s, a team of mobile policemen, complete with saxon armoured car and landrovers, guarded the mint.

I remember passing through gates like there are in the embassies, but that is much more recently than the 80's tho.
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by nap2: 6:50am On May 27, 2012
Oops! Banned again. I posted the management team, security policy at their factories in Lagos and Abuja, source of materials, etc and got banned by the anti-spam bot.
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by naptu2: 10:33am On May 27, 2012
Dogged by Palaver

Ownership of the Nigerian Security Printing and Minting Company, NSPMC, changes hands but opponents of the privatisation fight back

By Salif Atojoko

Controversy continues to dog the privatisation of Federal Government parastatals.  But the attempt by the Bureau for Public Enterprises, BPE to privatise the Nigerian Security Printing and Minting Company, NSPMC, has by far drawn the greatest controversy. Apart from the general public apathy towards it, BPE was unable to secure a core investor to acquire the 51 percent shares of the company held by the Ministry of Finance Incorporated, MOFI.

As a last resort, BPE recently turned the 51 percent shares of NSPMC over to the Central Bank of Nigeria , CBN, in a bid to continue the privatisation of the company.

BPE is to sell an additional 20 percent of the shares to the public through the Nigerian Stock Exchange, NSE, by June this year.

According to Alex Okoh, assistant director of communications and marketing, the decision to sell the majority shares to CBN was taken on this basis that being a shareholder, the CBN would appreciate the magnitude of the problems of the company. He said CBN was in a good position to restructure and refocus the company for privatisation.

Before the MOFI shares were given to CBN, BPE had carried out some kind of restructuring. It restructured the company’s balance sheet and capitalised the Federal Government loans and grants, which raised MOFI equity to 94.31 percent. Before that restructuring, MOFI had 55 percent and CBN 20 percent. Thomas De La Rue of England held 25 percent.

With the CBN effectively in control of the Mint, the Federal Government recently   appointed Muhammad Abubakar Sadiq as managing director of the company. He took over from Sambo Dasuki, a retired colonel. Sadiq is not new to the Mint.  He had served on the board of NSPMC for more than 12 years as a representative of CBN. He was special adviser to the CBN governor before his appointment. Sadiq is to restructure the Mint preparatory to its sale to a core investor in the future.

There are, however, fears that even the current efforts at restructuring the Mint for privatisation might fail because the decision to privatise it has always been resisted by the general public. The National Assembly is opposed to the privatisation of the company. It argues that it is a security risk to sell an enterprise responsible for the printing of the nation’s currency and other security documents to a private company.

The threat of impeachment of President Olusegun Obasanjo by the National Assembly forced him to suspend the privatisation of the Mint.

The House of Representatives has since warned potential foreign investors to stay clear of the planned privatisation of the Mint. But the BPE is not relenting.

The Mint awarded a N10 billion contract to a Japanese firm, Komori Currency Technology to install modern security and minting machines at its new Abuja headquarters factory. The Federal Government had released N3.5 billion to NSPMC for the Abuja factory being built by Bouygues, a French company.

With the Abuja factory, it was hoped that the Mint would be able to meet the annual currency requirement of the CBN which is put at N1.2 billion notes in different denominations. But the Mint can only produce N900 million notes for the CBN, while the balance is printed outside the country by Thomas De La Rue. According to Okoh, “the Mint has consistently failed to meet these goals for which it was established in the first instance.”

Last week, about 2,042 workers of the Mint sacked by the management were worried over their fate under the new ownership of the Mint. They had fought the management of the company for their reinstatement. The workers under the umbrella of Mint Workers Forum, MWF, have also been opposed to the privatisation of the company.

Newswatch Volume 37 No. 2, January 20, 2003

http://www.newswatchngr.com/editorial/prime/2003/13012003/biz10112111714.htm
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by Olaone1: 11:18am On May 27, 2012
naptu2: Naira notes and coins are printed/minted by the Nigerian Security Printing and Minting Plc (NSPM) Plc and o[b]ther overseas printing/minting companies[/b] and issued by the Central Bank of Nigeria (CBN). At the currency printing works of the NSPM Plc, quality is meticulously controlled throughout every process of currency production. This guarantees that every note issued meets the required standard. The CBN maintains an office called Mint Inspectorate in the premises of the NSPM Plc to maintain security and quality of Naira notes and coins.

Currency is issued to deposit money banks through the branches of the CBN, and old notes retrieved through the same channel. Currency deposited in the CBN by the banks are processed and sorted to fit and unfit notes in line with the clean note policy. The clean notes are re-issued while the dirty notes are destroyed.

http://www.cenbank.org/currency/
It is mainly overseas these days. If not wholly
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by msb247(m): 11:38am On May 27, 2012
why does the poster want to know where our currency is being printed? I'm beginning to suspect something woh lipsrsealed
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by NaijaNaWaa: 11:52am On May 27, 2012
naptu2: Management Team


Mr Emmanuel Ehidiamhen Okoyomon
Managing Director and Chief Executive

 


Mr Mohammed G.Umar
Executive Director (Technical Services)


Mr Ibrahim M. Babayo
Executive Director (Finance & Strategy/Chief Financial Officer)

 

 
 


Mr Ahmed Nuhu Bamalli
Executive Director (Corporate Services)


Mr Desmond I. Isibor
Executive Director (Operations)

 
.

Northerner everywhere and yet they don't go to school. Yet they dominate every Fed Govt dept. What type of country is this?
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by naptu2: 12:00pm On May 27, 2012
Finally! My posts are visible smiley
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by hamsky: 1:08pm On May 27, 2012
x
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by hamsky: 1:09pm On May 27, 2012
The plastic (polymer) naira notes are printed in australia by a company called Securency International {There was a scandal concerning this lately: http://www.proshareng.com/news/singleNews.php?id=7715}
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by fados4sure(m): 1:15pm On May 27, 2012
It is really true that the minting company in Nigeria are in charge of pritting money but can i shock you? The polymer note #5, #10, #20, #50 are been mint in Australia..
It is only Australia in the whole wide world that mint polymer money.
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by naptu2: 1:28pm On May 27, 2012
Yes, I was going to comment on that when I was banned. http://en.m.wikipedia.org/wiki/Polymer_banknote

Also, take a look at the "palava" article above (I was banned when I first posted it) and note this:

With the Abuja factory, it was hoped that the Mint would be able to meet the annual currency requirement of the CBN which is put at N1.2 billion notes in different denominations. But the Mint can only produce N900 million notes for the CBN, while the balance is printed outside the country by Thomas De La Rue. According to Okoh, “the Mint has consistently failed to meet these goals for which it was established in the first instance.”

Lastly, there's been controversy dogging the mint. Firstly, many people are against the Federal Government's decision to privatise it. They believe privatisation will pose a security risk. Secondly, some people were against the takeover by the Central Bank. Thirdly, there are some people that were against the idea of printing bank notes outside the country.
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by Obinoscopy(m): 2:39pm On May 27, 2012
Our money is printed both within and overseas. Initially it used to be within and in the UK, but I learnt Australia also prints our polymer note as well
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by omega25red(m): 4:09pm On May 27, 2012
i smell a counterfitting scheme lipsrsealed
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by naptu2: 4:14pm On May 27, 2012
Please don't ban me, please don't ban me, please don't ban me, please don't ban me.


Here's De La Rue's website


http://www.delarue.com/

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Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by NwaNimo1(m): 4:32pm On May 27, 2012
Very informative . . . . .thanks for your efforts.
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by doofanc: 5:59pm On May 27, 2012
fados4sure: It is really true that the minting company in Nigeria are in charge of pritting money but can i shock you? The polymer note #5, #10, #20, #50 are been mint in Australia..
It is only Australia in the whole wide world that mint polymer money.

is that so? Far away Australia?
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by speedyboi(m): 6:58pm On May 27, 2012
naptu2: Please don't ban me, please don't ban me, please don't ban me, please don't ban me.


Here's De La Rue's website


http://www.delarue.com/

shocked shocked shocked.....so u be proper årmed robber? And you don add fake money production sef!!!!!
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by mandsignal(m): 8:05pm On May 27, 2012
Hey old dudes is it possible . I mean can the Nigerian Security Printing
and Minting Plc print my own personal naira+land notes . I like nice fins )-wink *
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by canadaik(m): 8:05pm On May 27, 2012
In response to your question i can say with an air of authority that naira note is printed here in Canada, i pass the company daily....they actually print notes for different countries of the world.....so there you have it, for the most part the Naira is printed in Manitoba, Canada
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by Revolva(m): 11:25pm On May 27, 2012
@poster na my papa house dem dey. Mint am hiss wetin concern me about how the money dey form all I want is to have it and blow money faasst
Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by ITbomb(m): 8:02am On May 28, 2012
I sure say na Igbo man ask this question .
Now we don tell am NSPM and Australia, next question go be, When is NSPM Calling for Aptitude test or which container dey carry the polymer note enter Naija

1 Like

Re: Where Is The 'naira' Note Printed? In Nigeria or Abroad? by naptu2: 8:50am On May 28, 2012
hamsky: The plastic (polymer) naira notes are printed in australia by a company called Securency International {There was a scandal concerning this lately: http://www.proshareng.com/news/singleNews.php?id=7715}


CBN and the polymer notes scandal

The festering scandal surrounding the printing of polymer notes by the Central Bank of Nigeria should be speedily investigated in order to restore the apex bank’s integrity. An Australian newspaper ‘The Age’ that blew the scam open, reported that Securency International, a company that manufactures polymer used in banknotes in 28 countries, paid kickbacks to secure polymer note printing contracts in some countries, including Nigeria. The sum of N750 million is said to have been paid to bribe Nigerian officials.


At the Nigerian end of the international swindle, the newspaper reported that Securency International, a subsidiary of the Reserve Bank of Australia, paid millions of dollars into the offshore bank accounts of two British-based businessmen for onward transfer to some top Nigerian government functionaries and CBN officials to win the 2006 polymer printing contract.


Securency reportedly supplied 1.9 billion banknotes to the CBN between 2006 and 2008. Bribe payments for the contract were reportedly deposited in the Seychelles and the Bahamas, listed by the Australian Tax Office as tax havens known for their secretive banking arrangements. Nigeria’s contract was Securency’s biggest in Africa.


In a media release dated 23 May, 2009, the RBA stated that “allegations have been made in The Age newspaper today that payments made to agents by Securency International Pty Ltd., a company in which the Reserve Bank is a shareholder, may have been used by the agents to pay ‘kickbacks’ to foreign government officials.” The RBA added that the Board of Securency had immediately referred the matter to the Australian Federal Police. Securency Pty Ltd, which is at the centre of the bribery scandal, is a joint venture between the RBA and Innovia Films, a global supplier of polypropylene films.


Since May, when the scandal was blown open, the Australian Federal Police and an international audit firm have been investigating Securency and its sister company, Note Printing Australia. From the investigators’ preliminary reports, Mr. Peter Chapman, the Africa manager at Securency, has been forced to resign while the firm’s South African middleman, Mr. Donald McArthur, was fired. The Australian Federal Government said it had referred all questions about Securency to the Reserve Bank while the RBA has, so far, declined to answer questions about Securency’s activities in Nigeria.


Naira notes and coins are printed/minted by the Nigerian Security Printing and Minting Plc and other overseas printing/minting companies and issued by the CBN. In its 2007 Annual Report, the CBN said the volume of banknotes produced by NSPM increased from 583.1 million to 1,550 million pieces. But for the printing of the controversial polymer notes, the NSPM only handled 615 million notes while 1.3 billion notes were printed abroad.


Based on the wide public acceptance of the N20 polymer note the CBN released in 2007, President Umaru Yar’Adua had, in October 2008, approved the conversion of the other lower banknote denominations on the recommendation of the Board of the apex bank. The contracts in question were awarded during Prof. Chukuma Soludo’s tenure as CBN governor.


But the former CBN Governor who described the allegation as “wild and wicked” declared that there could not have been a contract between the CBN and Securency, because orders for new notes were usually placed by the apex bank through the Nigerian Minting and Security Company. The present CBN Governor, Mallam Sanusi Lamido Sanusi, however, said the Federal Government would look into the matter with a view to determining whether or not Central Bank officials received the alleged kickbacks.


But contrary to Prof. Soludo’s denial, the RBA credited the polymer contract award to the CBN. In its 2006 Annual Report, the RBA states that “The Central Bank of Nigeria recently placed orders for its first polymer denomination – a redesigned 20 naira to be issued in 2007.” The 2007 report also named Nigeria as one of the 14 countries Securency produced substrate for. Could the NMSC have contracted the printing job without the CBN’s recommendation and approval? The apex bank should unravel the bribery allegation as its reputation is at stake.


Sadly, the Yar’Adua administration has been glaringly ineffective in prosecuting both local and foreign bribery cases. In spite of the fact that the Australian authorities reported the case to the Presidency as far back as May, like the previous international scandals involving Wilbross, Halliburton and Siemens, the Nigerian authorities, do not look disturbed as they seem to have chosen to maintain a conspiracy of silence. But there is no place to hide for corrupt Nigerian officials in a global village where information flows freely across national borders.


The reports now in the public domain have supplied sufficient clues on the scam for a serious anti-graft agency to work on. The Economic and Financial Crimes Commission and the Police must step in immediately as they did with the bank loans scams. The image of the CBN leadership is now at stake. A regulatory authority that is penalising commercial banks for breaching business ethic codes should not be comfortable with the tar splashed by the polymer notes scam.

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