The Nigerian Senate has resolved to launch an investigation into the printing of new Naira notes by the Nigerian Security Printing and Minting Company Plc (NSPMC) in 2022. This move comes in the wake of the Central Bank of Nigeria’s (CBN) redesign of major Naira denominations, leading to a cash crunch that affected Nigerians. The Senate’s Public Accounts Committee (SPAC) aims to address this matter during the agency’s appearance to respond to queries raised in the 2019 report of the Auditor General of the Federation.
Key Points:
- Redesign of Naira Notes:
- The CBN initiated a redesign of key Naira denominations, including N100, N200, N500, and N1000, resulting in a shortage of cash and causing hardships for Nigerians.
- SPAC Investigation:
- Ahmed Wadada, Chairman of the Senate Public Accounts Committee, announced that the committee would investigate the printing exercise carried out by NSPMC in 2022. This inquiry is part of addressing queries raised in the Auditor General’s 2019 report.
- Call for Transparency:
- Senator Adams Oshiomhole, a committee member representing Edo, urged the managing director of the agency to provide relevant documents pertaining to the printing of new Naira notes. This information is crucial for understanding the quantity printed and the expenses incurred in the process.
- Request for Documentation:
- Oshiomhole emphasized the importance of presenting documents related to the printing of new currency notes, emphasizing that this initiative occurred under the agency’s purview.
- Status Redesign Consideration:
- The Chairman affirmed that the investigation will fall under the category of status redesign, indicating a comprehensive examination of the entire process.
Conclusion: The Senate’s decision to investigate the printing of new Naira notes by NSPMC in 2022 is a significant step towards understanding the implications of the currency redesign initiative. This inquiry seeks to shed light on the quantity of new notes printed and the associated costs. The probe underscores the commitment to transparency and accountability in managing the nation’s currency and financial system.
