The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has on Tuesday, in Abuja, during a 2-day visit by a Delegation from the Central Bank of Gambia, CBG, revealed that the Apex Bank is willing to assist the CBG in printing its local currency, Page 36 learnt.
The Delegation from the CBG, was led by its Governor, Mr. Buah Saidy.
Emefiele said this in response to a request by the CBG, for a possible partnership to tackle acute currency shortages among other currency management challenges in the country.
Saidy had informed the CBN Governor that relying on its current printer, De La Rue of London, for its currency needs, is expensive and unsustainable, explaining that it costs the Bank about £70,000 to lift printed currencies from Sri Lanka to the Gambia.
In response, the CBN Governor assured him that the Apex Bank in Nigeria has extremely competitive advantage to undertake the currency printing for Gambia, adding that, the Nigerian Security Printing and Minting has a lot of idle capacity to satisfy the demand of the CBG.
His exact words: “I note your point on currency management. The Nigerian mint was set up in the early 1960s, and we have been producing our currency since the early 60s, and we have a lot of idle capacity to ensure that instead of you going to Europe or other countries, you will be able to benefit from our ideas.
“Our colleagues will take you to the security printing facility. Our colleagues that came in from Liberia, two months ago, were fascinated by the kind of facilities we have at our Nigerian security printing and minting facility, and I am sure that you will also enjoy them.
“And I am sure they will follow you back to the Gambia, to see how they can help you to structure your economic order quantities, so we can also be of assistance in printing your currency.
“And I can assure you that we can be extremely competitive, not only from the stand point of logistics and freight from Europe, but it is just going to be a few hours from here to the Gambia, and the rest of them.”
Speaking, the CBG Governor also noted that one of the purposes of the visit, was to benefit from the CBN’s vast experiences on how it has successfully regulated the financial system, and seek assistance in the areas of information technology, modernisation, cyber security, forex shipping and management, among others.
Responding, Emefiele attributed the successes to the support which the Apex Bank enjoys from the National Assembly.
More news later…