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CBN has capacity to meet currency demand

The Central Bank of Nigeria says it has the capacity to meet the demand for the redesigned currencies.

In a statement on Saturday, the Apex bank says reports in certain sections of the media that it didn’t have enough materials for the production of the new notes is false.

It notes that the CBN Governor, Mr Godwin Emefiele told the Council of States meeting that the Nigeria Security Printing and Minting Company was working on printing all the denominations of the naira to meet the transaction needs of the economy.

The statement also advises the public to disregard a certain voice note circulating in the social media to the effect that the CBN was planning to shut some banks especially in a geo political zone of the country.

It described the voice note as baseless and contrived.

Reporting by Biodun Dare; editing by Julian Osamoto