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Mint resumes printing of N50 notes
THERE are indications that the management of the Nigerian Security and Minting Corporation (NSPMC), also known as the Mint, has initiated moves to curb the scarcity of the N50 notes.
An exclusive report by The Guardian on Monday detailing reasons why the scarcity of the N50 notes had persisted reportedly forced two management officials of the Mint to visit the plate-making section of company, where they allegedly ordered that the remaining printing materials be used to produce only N50 notes.
This move is reportedly to bring every N50 note printing paper up to the "work in progress" stage, while the company awaits the importation of the security ink known as Ovi.
The non-availability of printing ink, The Guardian also learnt, has led to the stoppage of work at the Abuja factory of the Mint.
According to sources, the NSPMC cannot access the required ink from a firm known as Tawada Limited due to its indebtedness to the company.
As a temporary measure, the management has allegedly ordered workers in the production department to proceed on their yearly leave immediately.
The Guardian had on Monday reported that the scarcity of the N50 notes in circulation stemmed from the non-availability of the required minting ink, Ovi .
Ovi is an imported security ink, which the Mint uses in printing the red eagle emblem on the N50 note.
The development led to the abandoning of the N50 notes job order given to the Mint by the Central Bank of Nigeria (CBN).
Even with the new move, work on these notes is still at the "work in progress" stage, meaning that only one side of the notes has been printed while the reverse side remains blank.
The Mint was incorporated in 1963 and commenced operation in 1965.
To expand its production capacity and in keeping with the Federal Government's decision to move to the Federal Capital Territory (FCT), the company relocated its corporate headquarters to Abuja.
Also on March 15, 2002, President Olusegun Obasanjo in Abuja commissioned the company's ultra-modern complex, which has up-to-date machinery.
The factory produces the N5, N10 and N20 notes, leaving the higher denominations to the Lagos outfit.
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