The Senate has started probing the Nigerian Security Printing and Minting Company Plc (NSPMC) over the circumstances that surrounded the printing of the new naira note.
The Central Bank of Nigeria had redesigned all major naira currencies and started circulating them in December 2022.
The affected denominations are N100, N200, N500, and N1000.
The Senate Public Accounts Committee (SPAC), has, however, said it would investigate the exercise.
The Chairman, of SPAC, Ahmed Wadada, stated this when the management of the agency appeared before it to defend its audit query raised against it in the 2019 report of the Auditor General for the Federation (AuGF).
The move to probe the printing of new notes was raised by Senator Adams Oshiomhole who is a member of the committee.
Oshiomhole while speaking during the committee meeting told the Managing Director of the agency to come with the documents related to the priming of new naira notes.
He said, “When coming to see us, you should come with documents related to the printing of new naira notes. This will enable us to see how much was printed, and how much was spent printing the new naira notes. This exercise happened under your nose.”
The Chairman immediately interjected Senator Oshiomhole saying this will come under status inquiry.
“The committee will write and your response will determine how you flow,” he added.
Recall that the 2023 Nigerian currency crisis was precipitated by a shortage of cash.
An attempt by the Nigerian government to force citizens to use a newly created government-sponsored central bank digital currency led to extensive street protests in mid-February 2023.
The former governor of the apex bank, Godwin Emefiele, initially cited Nigerians hoarding notes in their homes as the reason for the currency redesign.
However, he later claimed that it would deter counterfeiters and those paying kidnappers’ ransoms and that it was a step towards a cashless society.
He also argued that it would help to reduce inflation.
Some analysts and politicians have argued that the exercise was aimed at curbing vote buying during the 2023 general elections.
