No plans to withdraw naira notes from circulation – CBN


The Central Bank of Nigeria (CBN) has denied rumours that it intends to replace circulating naira notes with eNaira digital currency in the future.

Mr. Osita Nwanisobi, Director of Corporate Communication for the CBN, stated in a statement on Saturday that the rumours were false.

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According to him, the eNaira adoption remark allegedly made during a stakeholders’ meeting in Asaba, Delta State, and cited in the reports, was misinterpreted.

He encouraged the public to disregard the rumours.

The director of the Central Bank of Nigeria (CBN) explained that the digital version of the naira would circulate concurrently as a medium of exchange and a store of value.

Mr. Nwanisabi touted the advantages of the eNaira, emphasising that, in addition to its safety and ease of use, it will increase financial inclusion by providing underbanked and unbanked individuals with greater access to financial services.

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He urged the general public and business owners to adopt the digital currency because it affords more opportunities.

In October of 2015, President Muhammadu Buhari officially introduced the eNaira into circulation.

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