Emefiele briefs President Buhari on naira stability

In October, the Central Bank of Nigeria launched the hugely-anticipated eNaira, joining the small league of countries to own their digital currency. But it hasn’t been smooth sailing for the currency that, according to the CBN, offers more possibilities. What do you think about the eNaira? How would you describe your experience with the eNaira app?

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The CBN governor, Godwin Emefiele, said the decision was prompted by concerns with the management of the current series of banknotes, the increasing risk of naira counterfeiting as well as the persistent large-scale hoarding of the naira which has resulted in a worrisome situation where over 80 percent of the currency in circulation is outside the banking system.

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Nigerians lined up on Thursday to withdraw cash on the first day that new 200, 500 and 1,000 naira notes starting circulating, but the notes were a rare sight as most of the money handed out remained in old bills that are being phased out, customers said.

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The Naira redesign and the facing out of the old N200, N500, and N1,000 notes by the CBN has continued to cause an uproar among the citizens as no one are not able to assess the new notes. Just a few days ago, security agencies raided spots across the country to arrest those keeping the new notes.