When it comes to understanding where Nigerian money is printed, there are a few key things that you should know.
The Nigerian Security Printing and Minting Company Limited Plc (NSPMC) and the Central Bank of Nigeria (CBN) play important roles in the production and distribution of Nigerian currency.
In this article, we’ll take a look at 6 things you should know about where Nigerian money is printed.
- The Nigerian Security Printing and Minting Company Limited Plc (NSPMC) is the primary banknote printer and mint in Nigeria. This state-owned company is responsible for printing and striking Nigerian currency, as well as other security documents such as passports and visas.
- The NSPMC is located in both Abuja and Lagos, and is majority-owned by the government of Nigeria. This allows the company to work closely with the government to ensure the security and authenticity of Nigerian currency.
- The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federation. The CBN controls the volume of money supply in the economy 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 banknotes and coins.
- The process of printing Nigerian currency is highly secure, involving multiple layers of security to ensure that the currency is not counterfeited. This includes the selection of special paper that is difficult to replicate and watermarked for added security.
- The NSPMC has state-of-the-art printing facilities that employ advanced security measures, such as biometric security systems, to ensure that the entire process is kept secure from start to finish.
