CBN disowns planned withdrawal of naira notes from circulation

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CBN headquarters, Abuja

The central Bank of Nigeria (CBN) has disowned a news item purporting plan to replace the Naira notes in circulation with digital currency, the eNaira, in due course.

CBN Director, corporate communications Department of the CBN, Mr Osita Nwanisobi, clarified 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 public to disregard such in its entirety.

He said digital version of the Naira was meant to complement the existing currency notes and therefore, would circulate simultaneously as a means of exchange and store of value.

On the benefits of adopting the eNaira, the spokesperson hinted that the digital legal tender aside from the safety and speedy features, would 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.”

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

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