No plan to replace Naira notes – CBN

May 21, 2022

The Central Bank of Nigeria (CBN) has disowned reports that it was planning  to replace the Naira notes in circulation with digital currency, the eNaira. The Director,  Corporate Communications Department of the CBN, Mr Osita Nwanisobi,  said in Abuja, at the weekend, that the statement purportedly made during a stakeholders’ engagement on eNaira adoption in Asaba, Delta State was incorrect. He therefore called on the public to disregard the reports.

According to Mr Nwanisobi, the digital version of the Naira was meant to complement the notes and would exist simultaneously as a means of exchange and store of value. On the benefits of adopting the eNaira, the spokesman noted that the digital legal tender aside from the safety and speedy features, would also ensure greater access to financial services by the underbanked and unbanked populace, thereby enhancing financial inclusion. The director, therefore, urged members of the public and business owners to embrace the digital currency, the eNaira, which he stressed as offers more possibilities. The eNaira was formally launched into circulation by President Muhammadu Buhari in October 2021.