The Governor of Central Bank of Nigeria, Mr Godwin Emefiele, has said that the bank is willing to assist the Central Bank of the Gambia to print its legal tender.
Emefiele said this in Abuja on Tuesday during a two-day visit by a delegation from the CBG, led by its governor, Mr Buah Saidy.
This was in response to a request by the CBG for a possible partnership to tackle acute currency shortages among other currency management challenges in the country.
Saidy informed the CBN governor that relying on its current printer, De La Rue of London, for its currency needs was expensive and unsustainable.
He explained that it costs the bank about £70,000 to lift printed currencies from Sri Lanka to the Gambia.
In response, the CBN Governor assured his visitors that the bank had extremely competitive advantage to undertake the currency printing for Gambia, adding that the Nigerian Security Printing and Minting had a lot of idle capacity to satisfy the demand of the CBG.
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.