PBA ReporterThe Central Bank of Nigeria (CBN) has debunked the viral report that the apex bank had planned to phase out the circulation of the conventional Naira notes and replace it with digital currency, otherwise known as eNaira.
CBN’s Director of Communications, Osita Nwansiobi said the statement purportedly made at a stakeholders’ engagement on eNaira adoption at Asaba, Delta State was misconstrued, therefore, urged the general public to disregard it.
Nwanisiobi then clarified that the digital version of eNaira is meant to complement the existing currency notes so would always circulate simultaneously with the conventional Naira notes as means of exchange and store of value.
He said the adoption of the digital legal tender, aside from its safety and speedy features would also ensure greater access to financial services by the underbanked and unbanked populace thereby enhancing financial inclusion.
The CBN Communication Director, however, urged the public and business owners to embrace digital currency, claiming it promises more possibilities.
He said outrightly: “The CBN is not phasing out anything.”
Prime Business Africa recalls that last week Friday, a report had claimed that the apex bank would soon discontinue the printing of the lower denomination notes of the currency. It alleged that the bank was “wasting money” on minting the notes.
“So very soon, you may not be seeing N5, N10 or N20 notes in circulation because CBN is using money to print these notes, and at the end of the day this N5, N10, N20 will be abused, the report said.
The report which was credited to the Delta State Branch Controller of CBN, Godwin Okafor and the consultant of CBN on e-Naira, Aminu Bizi, was said to have been made at the popular Ogbogonogo market during the market sensitisation on e-Naira.
He had urged traders to key into the central bank’s e-Naira policy.
“We are here at the market today to sensitise the market people on the use of e-Naira. It is fully backed by CBN, unlike Bitcoin which has no legal backing.”
The consultant of CBN on e-Naira, Aminu Bizi, said Delta was chosen as the second state to sensitise market women on e-Naira after Lagos.
“We are here to sensitise market men and women, shop to shop on the use of e-Naira. CBN has gone behind ATM, POS, therefore, we are going to meet the Okada/tricycle union on this policy.
“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.”
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