Nigerian Security Printing and Minting Corporation (NSPMC) Plc has said that the N1, 000 note, Nigeria’s highest currency denomination would be printed locally and at the NSPMC by the end of the year.
The N1, 000 note is currently being printed abroad but all other currency notes and coins including N20, N50, N100 and N500 notes are printed at the NSPMC.
Mr. Ehi Okoyomon, managing director NSPMC told members of House of Representative Committee on banking and currency that material and human resources have been readied ahead of the printing of the big denomination in the country.
Okoyomon spoke as the House committee members has expressed displeasure at the continuous printing of the new electronic passports abroad, especially considering that the NSPMC had some of the best facilities in the continent to offer such printing services.
Mr. Ogbuefi Ozomgbachi, chairman of House of Representatives Committee on banking and currency promised that the National Assembly would look into the issue with a view to reversing the trend.
Ozomgbachi and his committee member were particularly delighted at the improvement in the operations of the Mint and regretted wastes by some government establishments which were still printing some of their security jobs abroad.
“There is no justification whatsoever, except maybe for the sake of costs, why ministries, departments and agencies should not be printing their security jobs with the NSPMC.” Ozomgbachi said
The Nigerian Security Printing and Minting PLC apart from being the foremost in Africa, is the only full-fledged security printing organisation in the whole of African sub-region.
It was established in 1963 by the government of the Federal Republic of Nigeria in partnership with De La Rue of the U.K. With so many staffs, the company is wholly managed and operated by Nigerians.
Since 1965 when it began full operation, the mint has been producing currency notes and coins for the Central bank of Nigeria as well as a wide range of security documents for federal, state and local government establishments, commercial banks, blue chip companies amongst others.
