The Central Bank of Nigeria has agreed to a currency minting proposal from The Gambia. The Nigerian Security Printing and Minting Company Plc is likely to be the carrier of the Dalasi minting should both parties finalize the deal.
The governor of Nigeria Central Bank, Godwin Emefiele, and his counterpart of The Gambia, Buah Saidy, came to this agreement on Tuesday in Abuja. Buah Saidy, accompanied by a delegation of Gambian technicians, met with Godwin Emefiele to discuss monetary policy and currencies, according to sources au fait with the meeting.
The Gambia is particularly looking for ways to optimize currency circulation in the country at a low cost and sought Nigeria’s expertise. Central Bank Governor Buah Saidy said, “The Gambia is running very low on currency and wants to learn how to manage our currency need annually, leveraging Nigeria’s wealth of knowledge and experience.”
Buah Saidy told his hosts that The Gambia currently placed an order for two years of currency minting abroad. The Gambia Central Bank boss said his institution is also considering Nigeria’s minting if Nigeria is willing.
Nigeria’s Central Bank’s governor Emefiele said his institution has a lot of capacity in currency printing since the 1960s. “We are willing to assist in printing your currency. We can be extremely competitive in terms of cost,” governor Emefiele said.