No plan to replace Naira notes with eNaira—CBN

The central Bank of Nigeria (CBN) has said that it does not intends to replace the Naira notes in circulation with digital currency, the eNaira, in due course. In a telephone conversation with news man in Abuja over the weekend, the Director, corporate communications Department of the apex bank, Mr Osita Nwanisobi, said  that the statement purportedly to have been 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 it’s entirety. 

According to Mr 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. Mr 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 last year.