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CBN disowns statement on withdrawal of naira notes from circulation



The Central Bank of Nigeria (CBN) has come out to disown the news that it plans to replace the naira notes in circulation with digital currency.

Several news outlets (not Ripples Nigeria) had stated that the CBN was attempting to phase out lesser value Nigerian currencies in favour of the eNaira.

However, in a chat with Ripples Nigeria on Sunday, Osita Nwanisobi, director, corporate communications department of the apex bank, disclaimed the statement.

According to him, the purported statement which was 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.

Read also :CBN directs banks, fintech companies to seek customer consent before sharing personal data

Nwanisobi added, “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 spokesman hinted that the digital legal tender aside from the safety and speedy features, will also ensure greater access to financial services by the underbanked and unbanked populace, thereby enhancing financial inclusion.

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 2021 but has been struggling for public acceptance and use.

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