Officials at the Central Bank of Nigeria are set to convene on Monday to address the crisis surrounding the Naira redesign program.
The meeting scheduled to be held at the CBN headquarters in Abuja will see the top leaders of the bank come together to find solutions to the cash shortage that is causing widespread paralysis.
Advice from the National Council of State, suggesting the printing of more redesigned notes or the re-circulation of old ones, will also be considered. The outcome of the meeting may result in a new directive issued to deposit money banks regarding the acceptance of old notes.
However, the suggestion to print more money will not be a straightforward solution, as the Nigerian Security Printing and Minting company is facing capacity issues in the printing of new notes.
The CBN is considering contracting foreign firms to print the redesigned naira notes to meet the demand, as the Mint has only succeeded in printing N500billion worth of new notes so far. With the CBN having withdrawn N2.1Trillion of old notes from circulation, a decision regarding the continuous circulation of old notes is expected to be made at the meeting.
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