CBN disowned report on withdrawal of Naira notes from circulation

The Central Bank of Nigeria (CBN) has disowned reports that it would soon withdraw naira notes from circulation.

Reacting to the report on Saturday, the Director, Corporate Communications Department of the CBN, Mr Osita Nwanisobi, said the statement purportedly 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.

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, 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.