“We were in a position to print for other countries when the NSPM was operational, but over time, the place has been neglected”
Gambian government has requested Nigeria’s support in printing its currency, Dalasi.
The request was made on Tuesday by Governor of Central Bank of Gambia, Mr. Buah Saidy who led the Gambian delegation to Central Bank of Nigeria in Abuja.
According to News Agency of Nigeria, NAN, the Gambian delegates said their country is in shortage of currency supply, and would need Nigeria’s support in printing more, since Nigeria has minting company.
Central Bank of Nigeria Governor, Godwin Emefiele in his response assured them of Nigeria’s willingness and capacity to print money, stating that Nigeria has been minting since 1960s. He said Nigeria minting is cost effective.
Nigeria has been printing its currency, the Naira abroad despite having printing and minting company, Nigeria Security Printing and Minting, NSPM. The company is currently in more or less moribund state.
Some financial experts have therefore advised CBN to revive and develop the capacity of NSPM to meet local demand before accepting requests from other countries.
Okechukwu Unegbu, a financial expert said that Nigeria would be in a better position to print money for countries, if the NSPM was functional.
“We were in a position to print for other countries when the NSPM was operational, but over time, the place has been neglected”, he said
Lanre Olaniyan, a Professor of Economics, University of Ibadan said: “I am aware that we have been printing the Naira from outside. But we have NSFM, which is supposed to do these things.
“The proposal from Gambia shows that we have the capacity to print our own currency independently and save some foreign exchange.”