CBN Denies Reports Claiming that Naira Notes Will Soon be out of Circulation, Replaced with eNaira

CBN Denies Reports Claiming that Naira Notes Will Soon be out of Circulation, Replaced with eNaira

  • CBN has dismissed reports on the planned replacement of Naira notes with the country’s digital currency, eNaira
  • Several media outlets had reported that CBN will phase out the Naira, with the eNaira serving as the single currency for trades in Africa’s largest economy
  • The eNaira was formally launched into circulation by President Muhammadu Buhari in October 2021

The Central Bank of Nigeria has come out to disassociate itself from media reports that it planned to replace naira notes in circulation with eNaira.

Several media outlets had posted a story with the headline ‘Naira notes will be out of circulation soon, says CBN official.

The story quoted Delta State Branch Controller of CBN, Mr Godwin Okafor, as saying paper currency will soon be out of circulation, urging market men and women to sign into the e-Naira.

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CBN denies reports claiming that Naira notes will soon be phased out of circulation, replaced with eNaira
CBN launched the digital currency, eNaira on October 2021 Credit: JEFFES
Source: Getty Images

CBN response

However, in a statement made available to on Sunday, May 20, 2022, the Director of the CBN's Corporate Communications Department, Osita Nwanisobi, stated that there was no plan for success and that the reports were inaccurate.

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He, therefore, called on the public to disregard the reports, the Vanguard reports.

According to Mr Nwanisobi, the digital version of the Naira was meant to complement the notes and would exist simultaneously as a means of exchange and store of value.

Benefits of eNaira, Naira

On the benefits of adopting the eNaira, the spokesman noted that the digital legal tender, aside from the safety and speedy features, would also ensure greater access to financial services by the underbanked and unbanked populace, thereby enhancing financial inclusion.

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The director, therefore, urged members of the public and business owners to embrace the digital currency, the eNaira, which he stressed offers more possibilities.

CBN Reveals 488,000 eNaira wallets Downloaded, 78,000 merchants registered globally

In another report, the Central Bank of Nigeria (CBN) has revealed in the last 24 days 488,000, consumer wallets and about 78,000 merchant wallets have been registered with downloads coming from over 160 countries.

CBN also revealed that 17,000 transactions amounting to over N62 million with the average transaction being about N3,800 each were recorded as well.

The apex bank stated this at a Masterclass with the theme: Central Bank of Nigeria Interventions as Fulcrum for Economic Diversification’, an event organised by the Centre for Financial Journalism in Lagos.


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