The Central Bank Governor, Godwin Emefiele has reportedly admitted that there is shortage of paper to print sufficient Naira notes to meet the high demands by Nigerians.
According to a source, “the Mint has run out of papers to print 500 and 1000 notes, explaining the supply constraints, the Mint faces.
“They have placed orders with a German firm and Dela Rue of the UK for papers but they have been placed on a long waiting list, so their order can not be met now”.
This has come as the supply constraints arising from the limited capacity to print enough Naira responsible for the severe cash crunch hurting Nigerians.
Emefiele made the disclosure on Friday when he briefed the emergency meeting of the National Council of State, according to sources who attended the meeting, Premium Times has reported.
Emefiele told the leaders that the Nigerian Security Printing and Minting Plc (The Mint) suffers capacity constraint resulting in the failure to print adequate new notes to replace the old 500 and 1000 notes.