Withdrawing Naira Notes Not Our Agenda – CBN
- Disowns statement on digital currency, eNaira
BY EDMOND ODOK – Amid apprehension in the nation’s financial sector, the Central Bank of Nigeria (CBN) has debunked a statement on its purported planned withdrawal of the Naira notes in circulation for digital currency, the e-Naira.
Consequently, the apex bank has urged the general public to disregard the said news item in its entirety, saying there are no such plans now or in the future.
Clearly distancing the CBN from the controversial news item, the Director, Corporate Communications Department, Mr Osita Nwanisobi, said the statement reportedly made at a stakeholders’ engagement on eNaira adoption in Asaba, the Delta state capital was completely misconstrued and does not reflect the apex bank’s presentation at the said event.
Mr Nwanisobi explained in a telephone chat at the weekend that the CBN’s agenda is having the Naira’s digital version complement the existing currency notes and therefore, both will circulate simultaneously as means of exchange and store of value.
According to him, though the huge benefits of adopting the eNaira is there for many to appreciate, it will not be deployed to replace the Naira notes as reported in the contentious story.
However, he said aside from its safety and speedy features, the digital legal tender is meant to also ensure greater access to financial services by the underbanked and unbanked populace, thereby enhance financial inclusion across the country.
The CBN image maker therefore, charged business owners and members of the public to embrace the digital currency given its capacity in offering more possibilities in the financial market.
As part of efforts at making the nation’s economy enjoy robustness in sustainable growth, President Muhammadu Buhari in October 2021, formally launched the e-Naira into circulation.
