CBN set to mint currency for Gambia

The Central Bank of Nigeria (CBN) says it is ready to help the Central Bank of the Gambia (CBG) to print its legal tender — the dalasi.

Godwin Emefiele, governor of the CBN, disclosed this in Abuja on Tuesday during a two-day visit by a delegation from the CBG, led by Buah Saidy, its governor.

Emefiele was responding to a request by the CBG for a possible partnership to tackle acute currency shortages among other currency management challenges in the country.

Saidy informed the CBN governor that relying on its current printer, De La Rue of London, for its currency needs was expensive and unsustainable.

He explained that it costs the bank about £70,000 to lift printed currencies from Sri Lanka to the Gambia.

Emefiele assured his visitors that the CBN has a competitive advantage to undertake the currency printing for Gambia, adding that the Nigerian Security Printing and Minting has a lot of idle capacity to satisfy the demand of the CBG.

“Our colleagues from Liberia who were there two months ago were fascinated by the facilities we have at the Nigerian Security Printing and Minting,” he said.

“Our colleagues will see how they can help you to restructure your Central Bank and also see how we can be of assistance in printing your currency.

“I can assure you that we can be extremely competitive, if only from the standpoints of logistics and freight. The Gambia is only a few hours from here.”