The Central Bank of Nigeria (CBN) has agreed to mint The Gambia’s currency, Dalasi, a deal which could drastically reduce the amount Gambia spends on minting money abroad. The Gambia’s dalasi was adopted in 1971 and its current US dollar conversion rate is USD1 for GMD51.15.
Mr. Buah Saidy, Governor of the Gambian central bank reportedly made the proposal to Nigeria during a visit to the West African country on Tuesday, June 15th 2021 with his team.
According to reports, Mr. Godwin Emefiele, governor of Nigeria’s central bank has accepted the proposal. “We are willing to assist in printing your currency. We can be extremely competitive in terms of cost,” the governor told the Gambian delegation.
Proceeds from the meeting suggest that the discussions came out fruitful. However, the two countries are yet to sign the much-expected formal agreement for the commencement of the minting process.
Hitherto the Nigerian visitation, the Gambia has been spending lots of money outsourcing her currency from countries abroad to shore up their financial shortfalls.
According to a revelation by the visiting delegation, The Gambia has currently signed a two-year minting deal with an undisclosed country abroad. However, Mr. Buah Saidy is hopeful that a relatively cost-effective Nigerian deal could be signed.
The Nigerian Security Printing and Minting Company Plc is known for its experience in minting which the Gambia’s governor hopes his country could tap from. The west African giant has been minting currencies since the 1960s.