Digital currency won’t eliminate naira notes – CBN

Agency Report
Agency Report

The Central Bank of Nigeria on Saturday disowned the statement credited to one of its staff that it would withdraw naira notes from circulation and replace it with the digital currency, known as eNaira.

The Director, Corporate Communications Department, CBN, Mr Osita Nwanisobi, however, said the digital currency would complement the naira notes.

In the statement titled ‘CBN disowns statement on withdrawal of naira notes from circulation’, Nwanisobi disclaimed the statement purported to have been made during a stakeholders’ engagement on eNaira adoption in Asaba, Delta State, on Friday. He said the statement was misconstrued and should be disregarded.

The statement partly read, “The digital version of the naira is meant to complement the existing currency notes and therefore will circulate simultaneously as a means of exchange and store of value.”

On the benefits of adopting the eNaira, the spokesperson said the digital legal tender, aside from the safety and security features, would also ensure greater access to financial services by the underbanked and unbanked populace, thereby enhancing financial inclusion.

Nwanisobi urged members of the public and business owners to embrace the eNaira, saying it offers more possibilities.

The eNaira was formally launched into circulation by the Federal Government in October 2021.

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