CBN debunks rumours of withdrawing Naira notes from circulation

The Central Bank of Nigeria (CBN) has debunked reports that it intends to replace the Naira notes in circulation with digital currency, the eNaira in due course.

Mr Osita Nwanisobi, CBN Director, Corporate Communication, who disclosed this in a statement on Saturday in Abuja, said the reports were not true.

Nwanisobi said the comment reportedly made during a stakeholders’ engagement in Asaba, Delta State capital, on eNaira adoption and on which the reports were based, was misinterpreted.

The CBN director called on the general public to disregard the reports.

“The digital version of the Naira is meant to complement the existing currency notes and, therefore, will circulate simultaneously as a means of exchange and store of value,” Nwanisobi said.

Nwanisobi urged members of the public and business owners to embrace digital currency as it gives more possibilities.

Recall that eNaira was formally launched into circulation by President Muhammadu Buhari last October.