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No plan to phase out naira notes – CBN

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THE Central Bank of Nigeria (CBN) has described reports that it is planning to replace naira notes with digital currency – eNaira – as mere speculation.

There were reports that the apex bank would be phasing out naira notes and replace them with the eNaira.

However, the Director, Corporate Communications Department of the CBN, Osita Nwanisobi, told The ICIR that the apex bank had no plans to phase out naira notes.


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Nwanisobi urged members of the public to disregard reports that an official of the CBN had, during a stakeholders engagement on eNaira adoption in Asaba, Delta State, said naira notes would be phased out.

According to Nwanisobi, the digital version of the naira was meant to complement the existing currency notes and, therefore, would circulate simultaneously as a means of exchange and store of value.

Speaking further on the  benefits of adopting eNaira, Nwanisobi hinted that the digital legal tender, aside from being a safe and speedy means of transaction, would also ensure greater access to financial services for the under-banked and un-banked populace and, thereby, enhance financial inclusion.

He, therefore, urged members of the public and business owners to embrace the eNaira as, according to him, it offers more possibilities.

The eNaira was formally launched into circulation by President Muhammadu Buhari in October last year.

The digital currency has received encouraging response from within and outside Nigeria with 33 banks fully integrated on the platform, according to the CBN governor, Godwin Emefiele.

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Emefiele also disclosed that so far, N500 million has been successfully minted by the CBN, out of which N200 million was issued to financial institutions.

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