Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Tuesday said the CBN will help Gambia to print its currency.
He disclosed this in Abuja during a two-day visit by a delegation from the Central Bank of Gambia (CBG), led by its Governor, Mr Buah Saidy.
The CBG had requested the CNB for a possible partnership to solve the problem of currency shortage in the country.
Saidy explained to the CBN governor that relying on its current printer, De La Rue of London, for its currency needs was expensive and unsustainable.
According to him, the bank spends about £70,000 to lift printed currencies from Sri Lanka to the Gambia.
Responding to his request, the CBN governor, said the bank had a good advantage to undertake the currency printing for Gambia, adding that the Nigerian Security Printing and Minting, had a lot of idle capacity to satisfy the demand of the CBG.
His words: “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 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 standpoint 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.”
The CBG governor also sought the team’s knowledge in the areas of information technology, modernisation, cyber security, forex shipping and management, among others.
But Emefiele in response, attributed the successes to the support which the apex bank had enjoyed from the National Assembly.
He said, “On the issue of the CBN independence, I thank you for the kind words. But I think the point is that we thank our own parliament. Our parliament has been extremely supportive of the CBN.”
He, however, advised the CBG to work with its lawmakers to create favourable laws for them.