NSPMC: Senate probes naira notes redesign


The Senate has resolved to investigate the printing of new Naira notes by Nigerian Security Printing and Minting Company Plc (NSPMC) in 2022.

The Central Bank of Nigeria (CBN) had embarked on a naira redesign of major Naira notes including N100, N200, N500, and N1000, which resulted in a cash crunch that brought untold hardship for Nigerians.

Ahmed Wadada, the chairman of the Senate Public Accounts Committee (SPAC), said that the Committee would probe the exercise when the agency appeared to respond to queries raised on the 2019 report of the Auditor General of the Federation.

One of the members of the Committee, Adams Oshiomhole, a Senator representing Edo suggested the proposed probe into the printing of new Naira notes

While speaking during the Committee meeting, Oshiomhole told the managing director of the agency to come with the documents related to the printing of new Naira notes.

“When coming to see us, you should come with documents related to the printing of new naira notes, to enable us to see how much was printed, how much was spent on printing the new Naira notes because this one happened under your nose,” he said.

He said the documents would enable the committee to know how much was printed and the amount spent on printing the new currency notes.

The Chairman replied that the probe will come under status redesign.