LAGOS—The Central Bank of Nigeria, CBN weekend, refuted the rumour
that it had printed the controversial new N5,000 notes and coins that
the law makers had earlier stopped it from printing.
The CBN Governor, Mallam Sanusi Lamido Sanusi, disclosed this while
responding to a question on the scarcity of lower denomination and
increase in the volume of dirty banknotes in the economy after the 5th
Bankers’ Committee retreat held in Calabar.
He said “as a result of all the noise around N5, 000 notes and coins,
that process was stopped. We did not print the new notes. I know
some people think we have already printed, but we did not print the
new notes and we did not award the contracts for the new notes. We
have re-ordered banknotes and I think they have started arriving and
probably you would have seen some improvements on that by now.”
It was gathered at the retreat that the CBN, Bankers committee agreed
to deliver price stability and economic growth in 2014.
The Bankers’ Committee also assured Nigerians and other stakeholders
in the banking sector of its continuous collaboration to promote an
efficient and stable economy for the country.
The CBN governor explained that the committee has revalidated its
goals to include the modernisation of the payment system; shared
services and infrastructure for the financial industry to reduce cost;
increased funding of small and medium enterprises; agriculture; power
and telecommunication sectors.
According to him, “Modernisation of the financial services industry
infrastructure and payment system is critical to reduce cost of services
to the banking public.
“We will continue to explore and develop areas of collaboration in
shared services and infrastructure to reduce the operating cost
structure of the industry,” he added.
Earlier, at the opening ceremony of the retreat, Sanusi, had urged
members of the committee to build the Nigerian banking system to
become the best in the World.
Going back memory lane, the governor recalled how at the maiden
retreat held in Enugu in 2009, the committee was confronted with a
banking system that was in serious crisis. He traced series of
unpopular but courageous decisions and steps that were taken to
rescue the Nigerian banking system and place it in its current enviable
He enumerated several of the achievements attained in the banking
sector during his tenure as CBN Governor. On monetary policy, he
pointed out that decisions have been taken in a way devoid of
arbitrariness, with members given the latitude to make their
independent voting decisions. He noted that personal statements of the
individual members of the Monetary Policy Committee are now
published alongside the actual decisions and are public records.
“In the wake of this, stability had been maintained over the years and
inflation driven down from over 13 per cent in 2009 to below 7.8 per
cent as at October 2013. It is expected that the single-digit inflation will
sustain through the foreseeable future.
The CBN Governor explained that as far as monetary policy is
concerned, the CBN has delivered 100 per cent on its mandate.