CBN clears air on ‘withdrawal of Naira notes from circulation’

The Central Bank of Nigeria (CBN) has said that there was no plan to replace the Naira notes in circulation with the eNaira, the digital currency, in the foreseeable future.

The Director, Corporate Communications Department of the apex bank, Mr Osita Nwanisobi, at the weekend disowned report that the Bank intends to replace the Naira notes with  eNaira in due course.

He disclaimed that the statement purportedly to have been made during a stakeholders’ engagement on eNaira adoption in Asaba, Delta state was misconstrued and therefore called on the general public to disregard such in its entirety.

According to Mr 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.”

The CBN spokesman reiterated that the benefits of adopting the eNaira as the digital legal tender, aside from the safety and speedy features, “it will also ensure greater access to financial services by the underbanked and unbanked populace thereby enhancing financial inclusion.”

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

President Muhammadu Buhari in October last year formally launched into circulation the eNaira.


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