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CBN to stop importation of naira
KENNETH MADUEKE
CENTRAL
Bank of Nigeria (CBN) has said it would stop the printing of the naira notes
abroad within the next three years.
CBN Governor Prof. Charles Soludo gave the
indication in his keynote address at this year’s annual dinner of the Chartered
Institute of Bankers of Nigeria (CIBN) held at the weekend in Lagos.
Soludo, who blamed the deplorable
situation of The Mint for the printing of the naira abroad, said the CBN within
the three years time frame would ensure that the naira is produced locally.
He said the CBN having taken over The
Mint, would restructure and refurbish it to world standard in order to meet the
volume of currency needed in Nigeria.
According to him, The Mint, when fully
operational, would also meet the needs of other countries in both West and
Central Africa.
The CBN boss said that the apex bank is
not resting on its oars in order to ensure that Nigerians have access to clean
currency notes, compared to the battered and torn currency in circulation.
Prof. Soludo commended banks for the speed
at which they are embracing the concepts of mergers and acquisitions, noting
that at the rate they are going, they are likely to meet the N25 billion minimum
shareholders’ fund before the deadline of December 2005.
He said there is a restructuring exercise
going on within the CBN in order to position the apex bank to deal with the
challenges of the post-consolidation period.
According to him, the CBN cannot afford to
remain static while there are reforms going on in the banking sector.
Part of the reforms, he said, is the
reduction in the number of departments in the apex bank from 23 to a more
manageable and focused 17 departments.
Prof. Soludo said the new 17-departmental
structure of the CBN shall concentrate mainly on the four core mandates of the
apex bank which include issuance and management of legal tender currency,
management of the nation’s external reserves, promotion of monetary stability
and sound financial system as well as act as banker and financial adviser to the
government.
Dwelling further on downsizing within the
CBN, the Governor added that the CBN, in order to get the right structure to
deliver the key pillars of the financial sector reforms, is downsizing its work
force of over 6,000 staff.
According to him, the apex bank is
offering a good package for voluntary and early retirement while those expected
to take advantage of this offer include staff who have one year or less to
retirement, staff with duties which are no longer required or sourced out, those
with disciplinary problems, and others without the requisite qualifications.
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