CBN dispels reports about withdrawal of Naira notes from circulation

CBN dispels reports about withdrawal of Naira notes from circulation

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

CBN Director, Corporate Communication, Mr Osita Nwanisobi, said in a statement on Saturday, May 21, that the reports were false.

According to him, the comment purportedly made during a stakeholders’ engagement in Asaba, Delta State on eNaira adoption; and on which the reports were also based, was misconstrued.

He called on the general public to disregard the reports.

The CBN director explained the digital version of the naira was meant to complement the existing currency notes; and therefore, would circulate simultaneously as means of exchange and store of value.

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Mr Nwanisabi touted the benefits of the eNaira, stressing that apart from its safety and speed of use, it will give the underbanked; as well as unbanked populace greater access to financial services, enhancing financial inclusion.

He urged members of the public and business owners to embrace the digital currency as it offers more possibilities.

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

Meanwhile, the Peoples Democratic Party (PDP) says only three elected ad-hoc delegates per ward; and one elected national delegate per local government will vote at its forthcoming primaries and national convention.

The party made the declaration in a statement issued in Abuja on Saturday, May 21, by its National Organising Secretary, Mr Umar Bature.

Bature stated that the decision was taken in consonance with Section 84(8) of the Electoral Act 2022; as amended by the National Assembly.

The sub-section states that delegates vote at indirect primaries; and the National Convention of political parties to elect candidates for elections shall be those democratically elected for that purpose only.

Section 84 (8) of the Electoral Act, therefore, allows only statutory delegates to participate in political parties’ congresses and conventions.

The statutory delegates include the president, governors, National Assembly members, state assembly members, local government chairmen, and councillors.

“Consequently those qualified and eligible to vote as delegates in the forthcoming primaries; and National Convention of our great Party, the PDP are the three ad hoc delegates per ward, elected at the ward congresses.

Also qualified are one national delegate per local government elected at the local government area congresses,’’ Bature stressed.

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