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Naira Crisis: CBN top officials to meet on Monday

Top officials of the Central Bank of Nigeria (CBN) are expected to meet on Monday over the scarcity of naira in the country.

The naira redesign policy of the apex bank in the last few weeks has seen Nigerians in some state protest, while some state governments sued the Federal Government and the CBN.

The officials are expected to come up with solutions to the scarcity of naira in the country.

According to Punch, the meeting would also be centred around the suggestion of the National Council of State that the apex bank should print more redesigned N1,000, N500 and N200 notes or re-circulate the old ones withdrawn from circulation to ease the current cash crunch.

The meeting which will be held at the CBN headquarters in Abuja might see the apex bank issued a fresh directive to Deposit Money Banks on whether to keep accepting deposits of the old notes or not.

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An official of CBN that spoke with Punch, said CBN would decide on the continuous circulation of the old notes at the meeting.

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He, however, stated that the call for CBN to print more money would not be straightforward due to logistic reasons.

The official pointed to the fact that the Nigerian Security Printing and Minting Plc had capacity issues as regards the printing of the new notes.

He further stated that the advice given by the Council of State would be weighed carefully vis-à-vis the security implications of the continued scarcity of the notes.

The official noted that the cost of printing more notes and re-circulating the old ones, and the implementation of the Supreme Court interim order that the old notes should be allowed to circulate alongside the new ones would also be considered.

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