Questions many curious Nigerians keep asking include “who prints the naira note?” and “where are the naira notes printed?”
Contrary to popular beliefs, the printing company isn’t a top-secret organisation with an unknown location. As a matter of fact, it is much closer than most people think.
There have been theories in the past suggesting that Naira notes are printed abroad. Although that was the case in the past, right now, the CBN no longer gets the naira notes abroad.
This was made known in a speech delivered by Priscilla Ekwere Eleje, the first woman to have her signature appended on the naira note.
Who prints the Naira notes?
The Nigerian Security Printing and Minting Company Limited Plc prints the Naira notes. Aside from that, NSPM print other important security documents in Nigeria.
However, the Central Bank of Nigeria (CBN) controls the volume of naira and other foreign currencies in circulation. This is necessary to ensure monetary and price stability in our nation’s economy.
Pay attention >>> When did Nigeria start using Naira and Kobo?
Although founded in 1963, the NSPM didn’t immediately take full charge of printing. Thus, there were several complaints regarding the cost of printing naira notes abroad. And due to that, there were several suggestions for the privatization of the NSPM.
Notably, in 2006, then CBN governor, Charles Soludo, stated that it was regrettable that Nigeria was the “only country in the world that had a mint but still imported currency”.
Where are Naira notes printed?
Note that the Nigerian Security Printing and Minting Company Limited Plc has locations in both Lagos and Abuja. And it is at those locations, the printing of naira and other sensitive documents take place.
The Lagos branch is located at Ahmadu Bello Way, Victoria Island, Lagos (close to ADRAO). The Abuja branch, on the other hand, is located at 160 Samuel Ladoke Akintola Boulevard, Garki, Abuja.
Meanwhile, there are several rumours suggesting that overseas printing/minting companies are responsible for printing some of our banknotes.