No Plan to Withdraw Naira Notes from Circulation, CBN Clarifies

The Central Bank of Nigeria yesterday debunked reports that it planned to replace the conventional Naira notes in circulation with digital currency, otherwise known as the eNaira, in due course.

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

The central bank governor said the CBDC would enhance the relationship between mobile banking and e-business and speed up the rate of financial inclusion. Emefiele had said with growing interest in CBDC around the world, the CBN had commenced extensive study, consultations, identification of use cases, and the testing of the CBDC concept in a Sandbox environment as far back as 2017.

Boahen said the facility is expected to reach over 20 million African farmers to deal with the food shortfall. The AfDB said it would provide fertilizer to smallholder farmers across Africa over the next four farming seasons, indicating it will use its convening influence with major fertilizer manufacturers, loan guarantees, and other financial instruments to provide the fertilizers.

Sall said the establishment of the energy bank was in support of an African-led energy transition strategy. “While Africa’s transition towards alternative energy sources presents great opportunities for the continent, this transition must be carefully managed to minimise the short-term adverse impacts of the transition while maximising its longer-term benefits,” he said.

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