CBN disowns statement on withdrawal of naira notes from circulation -

The Central Bank of Nigeria (CBN) has disowned a news item that it intends to replace the naira notes in circulation with digital currency, the eNaira, in due course.

In a telephone conversation with journalists in Abuja over the weekend, Osita Nwanisobi, director, corporate communications department of the apex bank, disclaimed that the statement purported to have been made during a stakeholders’ engagement on eNaira adoption in Asaba, Delta State was misconstrued and therefore called on the general public to disregard such in its entirety.

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

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

Nwanisobi therefore, urged members of the public and business owners to embrace the digital currency, the eNaira as it offers more possibilities.

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

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.