Nigeria: CBN to Mint Currency for the Gambia

The Central Bank of Nigeria (CBN) has agreed in principle to mint the Gambian currency, the Gambian Dalasi, at the Nigerian Security Printing and Minting PLC (NSPMC) facility if both parties come to a deal.

The CBN Governor, Mr Godwin Emefiele, agreed to the currency minting proposal from the Governor of the Central Bank of the Gambia, Mr Buah Saidy, who led a delegation of top Gambian Central Bank officials to visit him on Tuesday.

The purpose of the 2-day working visit was for the Gambian delegation to learn from the capacities the CBN has built over the years to help restructure their Central Bank and build its capacity.

"We are willing to assist in printing your currency. We can be extremely competitive in terms of cost," he said.

The Gambian Central Bank Governor had said the Gambia is running very low on currency and wants to learn how to manage their currency needs annually leveraging Nigeria's wealth of knowledge and experience.

"The reason why we are here is that when I took over as the Central Bank Governor, I realised that we have certain weaknesses, and to address those weaknesses, there is no better place than the Central Bank of Nigeria, that is why I brought my team to Abuja, to meet you the CBN Governor and your colleagues so that we tell you our constraints and the areas we can learn from you and areas we can exchange views."

He also asked for assistance in currency shipment as well as foreign liquidity management, adding that fintech supervision and stress tests, among others, are also part of their study module.

The CBN Governor, Mr. Emefiele, granted all of their demands and also called for a mutually beneficial relationship.

"I'm sure you will enjoy your 2-day study. This will also afford us the opportunity to learn from each other and broaden our relationship."

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