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E-Naira: Digital Currency Will Complement, Not Eliminate Naira Notes – CBN

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On Saturday, the Central Bank of Nigeria refuted a remark attributed to one of its employees that it will phase out naira notes in favor of the digital currency eNaira.

Mr Osita Nwanisobi, Director, CBN Corporate Communications Department, said the digital currency would complement the naira notes.

Nwanisobi disclaimed the comments purportedly made at a stakeholders’ engagement on eNaira adoption in Asaba, Delta State, on Friday, in a statement headed ‘CBN disowns statement on removal of naira notes from circulation.’

He said that the comment was misinterpreted and that it should be ignored.

The statement partly read:

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.”

The advantages of implementing the eNaira, according to the spokesman, include increased access to financial services for the underbanked and unbanked population, as well as increased financial inclusion.

Nwanisobi advised citizens and business owners to adopt the eNaira, claiming that it provides greater opportunities.

The Federal Government officially introduced the eNaira into circulation in October 2021.

E-Naira: Digital Currency Will Complement, Not Eliminate Naira Notes – CBN

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