By Enitar Ugwu

The job order is however restricted to the production of N5, N10, N50 and N100 notes. The higher denominations of N200 and N500 notes will be printed abroad by the CBN.

Although the Mint has reportedly sought the apex bank's nod to print all the currencies, the CBN has allegedly turned down the bid because the NSPMC was yet to meet a similar order placed with it in 2004.

Some officials of the Mint argued that the CBN's on-going efforts to reposition the organisation could easily be achieved if it was allowed to print the N200, N500 notes, which they described as more profitable than the lower currencies.

But analysts queried the CBN rationale for giving the production of the higher notes to foreign firms. They said that if the mint was adjudged suitable to print the lower currencies, it should also be allowed to handle the high networth notes or be deemed unfit to execute the order.

And in a move believed to be targeted at repositioning the Mint, the CBN has asked the NSPMC nine general managers to quit.

The Guardian learnt that the affected general managers are Mr. I Adetunji, (Engineering Services), Mr. T. A. Baba, (Security); Mr. Vincent Onyegbu, (Lagos Factory).

Others are Alhaji I. Banteta (Abuja Factory), M. D. Iyorchor (Production, Abuja Factory), Alhaji K. Ahmed Finance, K. Ibrahim (Commercial) and I. Ukpong, Tawada Link Factory) Abuja.

A breakdown of the order, which covers May to December 2005 shows that the Mint is to print N5 notes worth N300 million, N200 million of N20 and N10 notes.

The others are N50 notes worth N100 million and N100 notes of N100 million.

The CBN will print both the N200 and N500 notes worth N50 million each abroad.

The management of the Mint has however not given up on the job order as representation has been made to the CBN that the company be allowed to print at least N25 million worth of both the N200 and N500 notes.

If the CBN accedes to the request, it will have to share the job order for the printing of the N200 and N500 notes between the Mint and the foreign firms.

As at press time, the CBN was yet to accede to the request.

The bank's action is not surprising given that early this year when it formally took over the management of the NSPMC, it had declared it internally dead.

The CBN had said that the Mint was indebted to the tune of N7 billion, a development that prompted the apex bank to start sourcing for means of reviving it.

It was against this background that the CBN refused to place the 2005 job order with the Mint until last week.

The Mint is reportedly yet to complete the 2004 job order despite a cash advance of over a billion naira by the CBN.

The CBN's words: "It is not feasible for us (CBN) to place the 2005 order with them (Mint) when they are yet to deliver the 2004 order placed with them."

Even with the development, the CBN in its monthly report for March 2005, has placed the currency in circulation at N512.8 billion.

This shows a rise of N10.3 billion or 2.1 per cent over the level in the preceding month.

It traced the rise during the month to the increases in both currencies outside the banking system and vault cash of N8.8 billion or 2.1 per cent and 1.5 billion or 1.9 per cent.

The report also noted that total deposits at the CBN amounted to N826.4 billion, indicating an increase of N21 billion or 2.6 per cent over the level in the preceding month.

It attributed the development to the increase in deposits by the private sector and the Federal Government put at N9.5 billion or 2.3 per cent and N12.8 billion or 7.5 per cent.

The situation was moderated by N1.3 billion or 0.6 per cent active in deposit money, banks' deposits, one report explained.

Also, it revealed that the shares of the three components in total deposits at the CBN, namely, the Federal Government, 50.7 per cent; bankers, 27 per cent and others 22.3 per cent compared with 50.8, 28.0 and 21.2 per cent in February 2005