Central Bank of Nigeria (CBN) has made the decision to exclude the Nigeria Security Printing and Minting Company Plc (NSPMC) from the list of approved cheque printers in the country. NSPMC, a renowned institution responsible for printing Nigeria’s currency, including the recently introduced new N1000, N500, and N200 notes, was noticeably absent from the updated list recently released by the CBN. This exclusion has generated widespread speculation and raised questions about the reasoning behind this move.
Earlier, RateCaptain reported on the circular issued by the CBN, signed by Sam Okojere, the Director of the Banking Services Department. The circular stated that four local firms, namely Superflux International Limited, Tripple Gee and Company, Yaliam Press Limited, and Marvelous Mike Press, were among the companies approved for cheque printing and personalization. Additionally, the CBN listed seven banks as personalizers, including Zenith Bank, Ecobank, Stanbic IBTC Bank Limited, First Bank Limited, Keystone Bank Limited, Wema Bank Limited, and Providus Bank Limited.
The CBN did not provide explicit reasons for excluding NSPMC from the approved list, leaving industry experts and observers puzzled by the implications of this decision. NSPMC has a long-standing reputation as a trusted entity responsible for printing Nigeria’s currency. The sudden removal of NSPMC from the list of approved cheque printers has sparked speculation about the motivations behind this move.
The absence of NSPMC raises concerns about the potential impact on the organization and the wider financial ecosystem. Many are questioning whether there were specific compliance issues or operational concerns that led to this decision. As NSPMC has been instrumental in printing the Nigerian currency, its exclusion from the cheque printing list adds uncertainty to the situation.
The CBN’s decision to remove NSPMC from the approved cheque printers list underscores the need for further clarity and transparency from the central bank. It is crucial for stakeholders to understand the rationale behind this move, as it could have far-reaching implications for both NSPMC and the financial industry as a whole.
As the situation continues to develop, industry experts, market analysts, and interested parties eagerly await additional information from the CBN regarding the exclusion of NSPMC. This incident serves as a reminder of the dynamic nature of the financial landscape and the importance of staying informed about regulatory changes that impact key institutions within the sector.