The Central Bank of Nigeria (CBN) has described reports that it is planning to replace naira notes with digital currency – eNaira, as mere speculation.
Recent reports said the apex bank would phase out naira notes and replace them with the eNaira.
However, the Director, Corporate Communications Department, CBN, Osita Nwanisobi, said the CBN had no plans to phase out naira notes.
Nwanisobi urged members of the public to disregard reports that an official of the CBN had, during a stakeholders’ engagement on eNaira adoption in Asaba, Delta State, said naira notes would be phased out.
According to him, the digital version of the naira is meant to complement the existing currency notes and, therefore, would circulate simultaneously as a means of exchange and store of value.
Speaking further on the benefits of adopting eNaira, Nwanisobi hinted that the digital legal tender, aside from being a safe and speedy means of transaction, would also ensure greater access to financial services for the under-banked and unbanked populace and, thereby, enhance financial inclusion.
He, therefore, urged members of the public and business owners to embrace the eNaira as, according to him, it offers more possibilities.
The eNaira was formally launched into circulation by President Muhammadu Buhari in October last year.
The digital version of the naira is meant to complement the existing currency notes and, therefore, would circulate simultaneously as a means of exchange and store of value.
