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General News of Friday, 6 March 2015

Source: Daily Trust

Nigeria to mint currency for Ghana

Currency notes of Ghana, Ivory Coast and other countries would soon be printed by the Nigerian Security Printing and Minting (NSPM) Plc, its managing director, Joseph Ugbo, revealed yesterday.

He told the House of Representatives committee on banking and currency at the 2015 budget defence that apart from the notes, other security documents of the countries would also be printed by the NSPM.

Ugbo said an installation of newly procured state-of-the-art machines for security documents has since commenced.

He said the installations are aimed at perfecting final preparation in the build up to the production of the banknotes and other security documents required by the Central Bank of Nigeria (CBN).

The managing director said the Lagos and Abuja facilities of the company can produce 1.2 billion and 1.4 billion bank notes while the new facility could print 1.2 billion notes.

Chairman of the committee Rep Jones Onyeriri however queried the N200 million earmarked as exit incentives as against the N150 million in 2014 as well as N50 million for the year-end gift by the company.

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