Nigerian Security Printing and Minting Company Limited

The Nigerian Security Printing and Minting Company Limited Plc is the Nigerian banknote printer and mint. It is located in both Abuja and Lagos and is majority-owned by the government of Nigeria.[1]

In addition to printing the banknotes and the postal orders of Nigeria, it has struck some of the coins of Nigeria. It also prints stamps.

The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federation. It controls the volume of money supply in the economy in order to ensure monetary and price stability. The Currency & Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins.

The privatization of the Mint by President Olusegun Obasanjo in February 2002 was controversial, and Managing Director Sambo Dasuki resigned in protest.[2][3][4][5][6]

In 2006, the Governor of the Central Bank of Nigeria, Charles Chukwuma Soludo, "regretted that Nigeria was the only country in the world that had a mint but still imported currency," and announced that privatization was on track.[7][8]

In 2010, Chief Executive Mr. Emmanuel Ehidiamhen Okoyomon was described as "basking in the genteel applause that has characterized the turning around of the Mint."[9]

As of February 2015, "Naira notes and coins are printed/minted by the Nigerian Security Printing and Minting Plc (NSPM) Plc and other overseas printing/minting companies and issued by the Central Bank of Nigeria (CBN)."[10]

References

  1. ↑ NSPM, Structure
  2. ↑ Ahmed Shekarau (2002-02-18). "Nigeria: 'Mint Prints All Naira Denominations'". Daily Trust - allAfrica.com. Retrieved 2015-02-08.
  3. ↑ Dasuki, Sambo; Ali, Yusuf; Odufowokan, Dare (June 30, 2012). "Unmasking Sambo Dasuki". The Nation newspaper (The Nation Newspapers and Publishing Co.). Retrieved 2013-09-21.
  4. ↑ Oke Ogunde (2002-09-12). "Nigeria: the rich profit from Obasanjo's privatisation plans as the workers get poorer". Retrieved 2015-02-08.
  5. ↑ Dozie Ikem Ezeife, Esq. (2002-08-16). "Privatization will eliminate the gold pot from politics and public service in Nigeria". Nigeriaworld Feature Article. Retrieved 2015-02-08.
  6. ↑ Kunle Bello. "Privatization or Laissez-Faire Capitalism". Cyberschuulnews.com. Retrieved 2015-02-08.
  7. ↑ Charles Ozoemena, (2006-05-18). "CBN to introduce N20 in synthetic form". Vanguard, Lagos. Retrieved 2015-02-08.
  8. ↑ Soludo, Charles C, Governor, Central Bank of Nigeria (2006-05-17). "Update on CBN and Reforms" (PDF). Retrieved 2015-02-08.
  9. ↑ Onome Amawhe (2010-03-20). "Nigeria: Man in the Mint". Vanguard: allAfrica.com. Retrieved 2015-02-08.
  10. ↑ "Currency Management: Issue Systems". Central Bank of Nigeria. Retrieved 2015-02-08.

See also

External links


This article is issued from Wikipedia - version of the Sunday, February 08, 2015. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.