The Mint will reactivate its production but it will not be to print Argentine pesos

The Argentine Mint will once again fire up its machines to print banknotes, although this time they will not be local pesos but Nigerian naira. This contract, managed through the British firm De La Rue, represents a significant opportunity for the state printing house, which has seen very limited activity for over a year.

According to available details, it involves the production of around 700 million banknotes for the Central Bank of Nigeria. The work will keep the company busy for at least a year and a half, and could extend up to two years. In the agreement, the Mint will provide the facilities, machinery, and labor, while the raw materials and designs will come from the contracting party.

This outsourcing arises in a context where the state printing house had been practically excluded from major tenders from the Argentine Central Bank. Since 2024, under the management of Santiago Bausili, it was decided not to include it in key contracts, such as the printing of 20,000 peso banknotes, and several agreements were subsequently rescinded.

The impact of local restructuring

By the end of 2023, the rescinded contracts represented more than 90% of the Mint's income. Since then, it has only maintained minor tasks, such as renting spaces for BCRA deposits, and participated unsuccessfully in other tenders. Recently, the Central Bank opened a new tender for 400 million 20,000 peso banknotes that will circulate between April and September 2027, but it is still unknown who will win it.

This situation left the state company in a complicated position, with a sharp decline in activity. The agreement with Nigeria comes as a relief to keep the plant operational and preserve jobs.

On the other side of the ocean, Nigeria went through a severe monetary crisis between 2022 and 2023. The then governor of the Nigerian Central Bank, Godwin Emefiele, along with President Muhammadu Buhari, pushed for the redesign of higher denomination banknotes. The deadline to exchange the old ones was very tight, and the local printing house could not respond in time.

The crisis Nigeria experienced

This created real chaos: people rushed to banks, ATMs were emptied, and commerce came to a standstill in a country where almost everyone depends on cash for daily purchases. There were protests, attacks on banks, and clashes with the police. Finally, the Supreme Court extended the deadlines, and the old banknotes retained their value indefinitely, allowing for a more orderly transition.

De La Rue, with extensive experience in printing Nigerian banknotes, was key in addressing part of that demand. Just over two months ago, the English company was purchased by the American fund Atlas and ceased to be listed on the London Stock Exchange. Under this new management, they decided to divert part of the production to Argentina.