The Central Bank of Nigeria has debunked the alleged threat to shut down some deposit banks over naira scarcity.

The apex bank’s Director, Corporate Communications, Osita Nwanisobi, in a statement, stated that there was no such plan, noting that the claims were illogical and did not comply with the workings of the Nigerian banking system.

The statement read that the attention of the CBN has been drawn to a misleading report misquoting the Governor, Godwin Emefiele, as attributing the current challenge in the distribution of the newly redesigned naira banknotes to a shortage of printing materials at the Nigerian Security Printing and Minting Company Plc. That the CBN wishes to state categorically that at no time did the CBN Governor disclose this during his presentation to the National Council of State at its meeting on Friday, February 10, 2023 and for the the records, Emefiele said at the meeting was that the NSPMC was working on printing all denominations of the naira to meet the transaction needs of Nigerians.

He noted that while the CBN appreciated the concerns shown by all stakeholders about the distribution of the naira, the bank was alarmed at the extent to which vested interests were attempting to manipulate facts and pitch the public against it.