CBN Removes NSPMC, Responsible for New Naira Notes, from Approved List of Companies for Printing Bank Cheques

In a surprising move, the Central Bank of Nigeria (CBN) has excluded the Nigeria Security Printing and Minting Company Plc (NSPMC) from the list of approved cheque printers in the country.  Continue Full Reading>>>

NSPMC, which is responsible for printing Nigeria’s currency, including the recently introduced new N1000, N500, and N200 notes, was conspicuously absent from the updated list released by the CBN.

The decision to remove NSPMC from the list has raised eyebrows and sparked speculation about the reasons behind this exclusion.

Legit.ng had earlier reported that the CBN, in its circular signed by Sam Okojere, Director of the Banking Services Department, stated that four local firms, namely Superflux International Limited, Tripple Gee and Company.  Continue Full Reading>>>

Others are Yaliam Press Limited, and Marvelous Mike Press among the list of companies approved for printers and personalizers of cheques.

CBN also named about seven banks as personalisers which include:

• Zenith Bank
• Ecobank
• Stanbic IBTC Bank Limited
• First Bank Limited
• Keystone Bank Limited
• Wema Bank Limited
• Providus Bank Limited

Why did CBN remove NSPMC?

While the CBN did not provide specific details about the exclusion of NSPMC, industry experts and observers have been left wondering about the implications of this decision.

NSPMC has been a trusted and long-standing entity responsible for printing the Nigerian currency, and its removal from the cheque printing list raises questions about the rationale behind such a move.

Legit.ng efforts to get insight from the CBN were not successful. Punch also reports that it was unable to reach NSPMC for comments.