Connect with us

Business

CBN dismisses report on planned replacement of Naira with eNaira

Published

on

The Central Bank of Nigeria (CBN) has dismissed report on planned replacement of Naira notes with the country’s digital currency, eNaira.

Reports emerged at the weekend that the apex bank will phase out the Naira with the eNaira serving as the single currency for trades in Africa’s largest economy.

The digital currency was launched in October 2021 in a bid to check the growing adoption of cryptocurrency among Nigerians.

The launch of the eNaira made Nigeria the first country in Africa to officially have a digital currency as a legal tender.

READ ALSO: eNaira will cause money laundering, help finance terrorism —IMF

The CBN’s Director of Corporate Communications, Osita Nwanisobi, in a statement on Saturday dismissed the claim as outright falsehood.

He said the eNaira was created to complement the physical cash in trades and not to erode its presence as being speculated.

Ripples Nigeria had reported that there are over N3.33 trillion Naira notes in circulation as of December 2021.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations