The Senate Public Accounts Committee has announced its intention to investigate the printing of new Nigerian naira notes in 2022, a move that coincided with the implementation of the naira redesign policy under the administration of former President Muhammadu Buhari.
The policy involved the redesign of the N200, N500, and N1,000 notes, with the old notes being phased out in February 2023 prior to the general elections. This policy, however, resulted in a cash shortage and led to violent protests and attacks on banks in various parts of Nigeria.
A Supreme Court ruling later suspended the deadline for the expiration of the notice issued by the Central Bank of Nigeria (CBN) to commercial banks to stop receiving the old naira notes.
The Chairman of the Senate Public Accounts Committee, Ahmed Wadada, confirmed that the panel would probe the printing of the new notes by the Nigerian Security Printing and Minting PLC (NSPMC).
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This decision was made during a hearing where the Managing Director of NSPMC, Alhaji Ahmed Halilu, and other agency management staff appeared before the panel to address audit queries from the Office of the Auditor-General for the Federation.
Senator Adams Oshiomhole, a committee member, requested that the Managing Director provide the panel with essential documents related to the printing of the new naira notes. These documents will help the committee ascertain the quantity of notes printed and the expenditure incurred in the process.
The investigation will be conducted as a status inquiry, with the committee awaiting the agency’s response to proceed.