FG’s shares in Nigerian Security, Printing and Minting finally transferred to CBN(photos)

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The Federal Government has transferred its shares in the Nigerian Security, Printing and Minting Plc to the central Bank of Nigeria(CBN)

The Vice president presided over the ceremony at the state house earlier today, where 12.4 billion shares in the NSPM were sold to the CBN, represented by the Governor, Godwin Emefiele.

The NSPM is the Nigerian banknote printer and mint. It is located in both Abuja and Lagos and is majority-owned by the government of Nigeria.

In addition to printing the banknotes and the postal orders of Nigeria, it has struck some of the coins of Nigeria. It also prints stamps.

The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federation. It controls the volume of money supply in the economy in order to ensure monetary and price stability. The Currency & Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins.

 

A statement by the presidency available on Twitter reads:

“Vice President today at the State House presided over the signing ceremony for the Sale of the Federal Government’s 12.4 Billion Shares in Nigerian Security, Printing and Minting (NSPM) Plc to the Central Bank of Nigeria”

 

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