No Plan To Withdraw Naira Notes From Circulation — CBN

The Central Bank of Nigeria (CBN) has disowned news reports that it intends to replace the naira notes in circulation with its digital currency, the eNaira, in due course.

In a chat with journalists in Abuja over the weekend, the Director, Corporate Communications Department of the apex bank, Mr Osita Nwanisobi, said that the statement, purportedly made during a stakeholders’ engagement on eNaira adoption in Asaba, Delta state, that the digital currency would replace naira notes in circulation, was misconstrued. He thus called on the general public to disregard it in its entirety.

According to Nwanisobi, the digital version of the naira is meant to complement the existing currency notes and therefore, will circulate simultaneously as means of exchange and store of value.

On the benefits of adopting the eNaira, the CBN spokesman said that the digital legal tender, aside from its safety and speedy features, will also ensure greater access to financial services for the underbanked and unbanked populace thereby enhancing financial inclusion.

Nwanisobi therefore, urged members of the public and business owners to embrace the digital currency, the eNaira as it offers more possibilities.

The eNaira was formally launched by President Muhammadu Buhari in October last year.