CBN clarifies no plan to withdraw Naira notes from circulation

*The Central Bank of Nigeria restates the digital version of the Naira is meant to complement the existing currency notes, and will circulate simultaneously as means of exchange and store of value

Gbenga Kayode | ConsumerConnect

In reaction to earlier reports on the alleged proposed withdrawal of the currency notes from circulation, the Central Bank of Nigeria (CBN) has restated it does not have a plan to withdraw the national currency Naira notes from circulation in the country.

ConsumerConnect reports Mr. Osita Nwanisobi, Director of Corporate Communications Department at CBN, in a telephone conversation with reporters Saturday, May 21, 2021, in Abuja, FCT, said the earlier statement, which the Bank’s top official purportedly made during a stakeholders’ engagement on e-Naira adoption in Asaba, Delta State capital, was misconstrued.

Consumer handling Naira notes

Nwanisobi urged consumers of financial products and services as well as the general public to disregard such statement entirely.

It is recalled Dr. Aminu Bizi, Consultant of CBN on e-Naira, was quoted to have said in Delta State during the consumer education and sensitisation, that “we are here to sensitise market men and women, shop to shop on the use of e-Naira.”

The consultant also reportedly stated: “Paper currency will soon be out of circulation because CBN spent money to print money and people abuse the currency in the market, spraying at the occasion, payment of Okada/tricycle and others, and CBN is losing.”

Dr. Bizi further said that the use of e-Naira was effective, charges free unlike ATM and POS, and could not be hacked by fraudsters.

The CBN Director of Corporate Communications, however, noted that 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.

Benefits of adopting the e-Naira

As regards the benefits of adopting the e-Naira, Nwanisobi hinted that the digital legal tender has safety and speed features.

According to him, the digital currency 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 e-Naira offers more possibilities, said he.

President Muhammadu Buhari along with Mr. Godwin Emefiele, Governor of CBN, formally activated the e-Naira October 2021.

Kindly Share This Story