The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that the country’s apex bank will assist the Central Bank of Gambia to print its currency.
Emefiele disclosed this on Tuesday during a two-day visit by a delegation from the Central Bank of Gambia, led by its governor, Mr Buah Saidy.
Emefiele said this in response to a request by the bank of Gambia for a possible partnership with CBN to tackle acute currency shortages among other currency management challenges in its country.
Saidy told the CBN governor that its current printer, De La Rue of London, was expensive as it currently spends 70,000 Euros to lift printed currencies from Sri Lanka to the Gambia; and that continued patronage was unsustainable.
In response, Emefiele assured CBG that the CBN had extremely competitive advantage to undertake the printing of Gambia’s currency, adding that the Nigerian Security Printing and Minting had a lot of idle capacity to meet the demand of the CBG.
He said, “I note your point on currency management. The Nigerian mint was set up in the early 1960s and we’ve 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 if only from the stand point of logistics and freight from Europe but it’s just going to be a few hours from here to the Gambia and the rest of them.”