There Is No Plan To Withdraw Naira Notes From Circulation - CBN Clarifies

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There Is No Plan To Withdraw Naira Notes From Circulation - CBN Clarifies

Nigeria's apex bank, the Central Bank of Nigeria (CBN) has debunked a report that it intends to replace the naira notes in circulation with the country’s digital currency, eNaira.

In a statement released in Abuja on Saturday, the Director, Corporate Communications Department of the apex bank, Mr Osita Nwanisobi, debunked the statement which was said to have been made during a stakeholders’ engagement on eNaira adoption in Asaba, Delta State, adding that it was misconstrued.

Earlier, Daily Trust had fact checked the news making rounds on the phasing out of naira notes by the CBN, describing it as misleading.

Nwanisobi said, “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 spokesman hinted that “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 enhance financial inclusion,”

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