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Home / cover / No Plan To Replace Naira With Digital Currency, Says CBN

No Plan To Replace Naira With Digital Currency, Says CBN


The central Bank of Nigeria on Saturday said it has no plan to withdraw the Naira from circulation and replace it with the digital currency, the eNaira.

The reaction is in connection to some media reports (not THE WHISTLER) that the apex bank will soon withdraw the Naira from circulation.

But speaking in a telephone interview on Saturday, the Director, Corporate Communications Department of the apex bank, Mr Osita Nwanisobi, disclaimed that the statement purportedly to have been made during a stakeholders’ engagement on eNaira adoption in Asaba, Delta state was misconstrued.

He, therefore, called on the general public to disregard such in it’s entirety.

According to Nwanisobi, 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.

Nwanisobi 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 last year.

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