Digital currency will complement, not eliminate naira banknotes – CBN

the The Central Bank of Nigeria on Saturday denied a statement credited to one of its employees that it would withdraw naira banknotes from circulation and replace them with the digital currency, known as eNaira.

The Director of the Department of Corporate Communications, CBN, Mr. Osita Nwanisobi, however, said that the digital currency will complement the naira banknotes.

In the statement titled “CBN disavows statement on removal of naira banknotes from circulation,” Nwanisobi denied the statement allegedly made during a stakeholder engagement on eNaira adoption in Asaba, India. Delta State, Friday. He said the statement had been misinterpreted and should be disregarded.

The statement said in part: “The digital version of the naira is intended to complement existing banknotes and will therefore simultaneously circulate as a medium of exchange and a store of value.”

Regarding the benefits of adopting eNaira, the spokesperson said that digital legal tender, apart from safety and security features, would also ensure better access to financial services by the underbanked and unbanked population. , thereby improving financial inclusion.

Nwanisobi urged members of the public and business owners to embrace eNaira, saying it offers more possibilities.

eNaira was officially launched into circulation by the federal government in October 2021.

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Sylvia B. Polson