Stakeholders Caution As CBN Debunks Withdrawal Of Naira Notes From Circulation

Sun May 22nd, 2022 - Delta

The Central Bank of Nigeria (CBN) has debunked rumours that it is planning to withdraw naira notes from circulation and replace it with its digital currency, the eNaira, which was launched in October last year by President Muhammadu Buhari.

This is even as stakeholders warned the apex to desist from such move.

Director, corporate communications department of the CBN, Osita Nwanisobi, at the weekend, noted 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 its entirety.

The eNaira is a Central Bank Digital Currency (CBDC) that was rolled out to improve financial inclusion in the country as well as reduce the cost of transactions and boost security in the financial system.

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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, he stated 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.




source: Leadership