Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria, has stated that the bank is eager to assist the Central Bank of Gambia in printing its legal cash.
On Tuesday, during a two-day visit to Abuja by a delegation from the CBG led by its governor, Mr Buah Saidy, Emefiele mentioned this.
This was in response to the CBG’s appeal for a possible partnership to address severe currency shortages.
The CBN governor was informed by Saidy that depending on its current printer, De La Rue of London, for currency demands was costly and unsustainable.
He added that transporting printed banknotes from Sri Lanka to Gambia costs the bank over £70,000.
The CBN Governor responded by assuring his visitors that the bank has a significant competitive advantage in terms of money production.
He said, “I note your point on currency management. The Nigerian mint was set up in the early 1960s and we’ve been producing our currency since the early 60s and we have a lot of idle capacity to ensure that instead of you going to Europe or other countries, you will be able to benefit from our ideas.
“Our colleagues will take you to the security printing facility. Our colleagues that came in from Liberia two months ago were fascinated by the kind of facilities we have at our security printing and minting facility and I am sure that you will also enjoy them.
“And I am sure they will follow you back to the Gambia to see how they can help you to structure your economic order quantities so we can also be of assistance in printing your currency.
“And I can assure you that we can be extremely competitive if only from the standpoint of logistics and freight from Europe but it’s just going to be a few hours from here to the Gambia and the rest of them.”