CBN Set To Take Over Printing of Gambian Currency

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The Governor of Central Bank of Nigeria, Godwin Emefiele, said on Tuesday the bank is ready to assist its Gambian counterpart to print the country’s currency.

Emefiele disclosed this when the Governor of Central Bank of Gambia, Mr. Buah Saidy, led the bank’s delegation on a two-day visit to the country.

The CBN governor was responding to a request by his Gambian counterpart on possible partnership to tackle acute currency shortages in the tiny West African nation.

The CBG governor told Emefiele that reliance on De La Rue of London, its current partner, for currency needs was expensive and unsustainable.

According to him, it costs the bank about £70,000 to lift printed currencies from Sri Lanka to the Gambia.

The CBN Governor assured the Gambian delegation that the Nigerian Security Printing and Minting has adequate capacity to meet its demand.

Emefiele said: “I note your point on currency management. The Nigerian Security Printing and Minting was set up in the early 1960s and has been producing the country’s currency since that time.

“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 Nigerian Security Printing and Minting facility and I am sure that you will also enjoy them.”

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